In the previous session :
Nifty went up by 442 points before closing higher by 417 points on Tuesday
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 17th May :-
Nifty triggered our long trade and completed all targets and more doing 380 points.
For 18th May :-
Sustaining above 16340 enter for 15385 - 16450 - 16595 , SL 15285
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 16284.25 testing our last weekly target zone of 16230 - 16370 before closing at 16259.30. Nifty has immediate strong resistance at 16370 - 16450 and needs to sustain or close above it for further upmove. Nifty has immediate support at 16100 - 16070 which it needs to hold on corrections for this upmove to maintain its strength.
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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