In the previous session :
Nifty went up by 268 points then went down by 25 points before closing higher by 5 points on Thursday
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 05th May :-
Nifty triggered our long trade with a gap up near our 2nd target and went up further by 90 points
For 06th May :-
Sustaining above 16755 enter for 16800 - 16855 - 16990 , SL 16705
Now for this week :
On the upside :
Nifty has to sustain and close above 17230 - 17320 where it has its initial resistance to move towards next targets of 17530 - 17590 .
Closing above 17590 Nifty may move towards further targets of 17780 - 17970.
On the downside :
Nifty has to sustain and close below 16970 - 16890 where it has its initial support to move towards next targets of 16670 - 16610 .
Closing below 16610 Nifty may move towards further targets of 16425 - 16215.
So far this week Nifty made a low of 16623.95 testing our next weekly support zone and today bounced back till 16945.70 and closed at 16682.65 . Now in the coming session Nifty breaking and sustaining below 16610 has immediate support at 16425 - 16215 zone and on the upside Nifty has immediate resistance at 16890 - 16970 on bounce .
Overall Nifty has immediate good resistance at 17370 - 17540 zone which it needs to close above for the next move towards 17900 - 18100 zone
Overall Nifty has immediate good support at 16830 - 16660 zone which it needs to hold on corrections else closing below we may see a further move towards 16200 - 16100 .
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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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