In the previous week :
Nifty went down by 290 points then went up by 212 points before finally ending the week with a gain of 155 points compared to last weekly closing.
Nifty triggered our short trade as per levels given last week but did not complete any targets
Nifty had made a new life time high of 12430 on 20th January and has since then corrected to 7511 on 24th March .
Nifty for this week :
- Sustaining above 9475 enter for 9600 - 9705 - 9805
- Further sustaining above 9955 enter for 10045 - 10345 - 10680
- Sustaining below 9060 enter for 8930 - 8830 - 8725
- Further sustaining below 8580 enter for 8490 - 8190 - 7855
How to use these levels
- For longs/shorts enter on breaking above the first weekly levels mentioned and hold on sustaining above /below the highlighted green/red level and look to book partly/fully once it completes its initial 3 targets . Re-enter if price again breaks above/below the further first level mentioned and hold on sustaining above/below the highlighted green/red level for next targets .
For this month :
- Nifty longs will get confirmed with a consecutive close above 9690 for a target of 10350 - 10590 and sustaining / closing above 10590 we can see a further move till 10830 - 11120.
- Nifty shorts will get confirmed with a consecutive close below 7510 for a initial target of 6840 - 6600 and sustaining / closing below 6600 we can see a further move till 6365 - 6075 .
Now this week if Nifty triggers a weekly long trade then it would approach the monthly long trigger too of 9685 where the current upmove can face stiff resistance. We are still in a bear market and such sharp rallies are part of the bear market. Longs should be cautious around the initial resistance levels of 9600 - 9685 .
Sustaining/closing above 9685 we can see a move till 9955 - 10040 where Nifty will face the next resistance .
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