In the previous session :
Nifty went down by 42 points then went up by 195 points before closing higher by 60 points on Monday
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 16th May :-
Nifty triggered our long trade and completed 2 targets and more doing 140 points.
For 17th May :-
Sustaining above 15900 enter for 15935 - 15975 - 16080 , SL 15860
Now for this week :
On the upside :
Nifty has to sustain and close above 15870 - 15920 where it has its initial resistance to move towards next targets of 16070 - 16110 .
Closing above 16110 Nifty may move towards further targets of 16230 - 16370.
On the downside :
Nifty has to sustain and close below 15690 - 15640 where it has its initial support to move towards next targets of 15500 - 15450 .
Closing below 15450 Nifty may move towards further targets of 15340 - 15200.
So far this week Nifty made a low of 15739.65 and bounced back to make a high of 15977.95 before closing at 15842.30 . Nifty has immediate support at 15690 - 15640 and immediate resistance at 15870 - 15920 and it needs to break and sustain beyond these levels on either side for a stronger move.
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 .
Had mentioned earlier " Overall Nifty has its immediate next targets at 15700 - 15500 as long as its trading below 16100." , and so far Nifty has made a low of 15735.75 sustaining below 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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