In the previous session :
Nifty went down by 271 points before closing lower by 140 points on Friday.
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 21st Jan :-
Nifty triggered our short trade and completed all targets and more doing 200 points .
For 24th Jan :-
Sustaining above 17665 enter for 17690 - 17725 - 17810 , SL 17630
Now for this week :
Nifty has to break and sustain above 17695 - 17740 where it has its initial resistance to move towards next targets of 17870 - 17900 where it has next resistance for the week
Nifty has to break and sustain below 17545 - 17495 where it has its initial support to move towards next targets of 17365 - 17335 where it has its next support for the week
As mentioned previously "Nifty has to give a consecutive close above 17540 to expect a further bounce " , and Nifty has given a consecutive close above it and made a high of 18350.95 for the month giving a move of around 800 points . Post that now Nifty has reversed to make a low os 17485.85 correcting around 800+ points . Nifty has immediate support at 17170 - 17100 and its needs to give a consecutive close below it for a bigger correction else we may see it bounce back again towards 18000+
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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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