In the previous session :
Nifty went up by 26 points then went down by 132 points before closing lower by 103 points on Wednesday.
Nifty made a new life time high of 18604.45 in this upmove from the lows of 7511.10 made on 24th March 2020
On 15th Dec :-
Nifty triggered our short trade and completed just 1 target and took out trailing stoploss .
For 16th Dec :-
Sustaining above 17290 enter for 17335 - 17390 - 17500 , SL 17245
Now for this week :
Nifty has to break and sustain above 17635 - 17715 where it has its initial resistance for a further move towards 17930 - 17985 where it has its next resistance for the week
Nifty has to break and sustain below 17385 - 17305 where it has its initial support for a further move towards 17090 - 17030 where it has its next support for the week
So far this week Nifty has made a high of 17639.50 touching our initial weekly resistance zone and reversed to make a low of 17192.20 breaking below our initial weekly support zone and also closed well below it. Now in the coming session Nifty sustaining below 17305 on upmove and breaking below 15150 can make a move towards 17050 - 16900 where it has its next immediate support
Nifty has to reclaim 17720 on closing basis for indicate strength for a move towards 18000 again .
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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.
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