In the previous session :
Nifty went up by 148 points then went down by 80 points before closing lower by 51 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 23rd May :-
Nifty tested our long trade but did not sustain even for 2 mins and traded the entire day between its long and short trigger zone.
For 24th May :-
Sustaining above 16325 enter for 16390 - 16465 - 16670 , SL 16245
Now for this week :
On the upside :
Nifty has to sustain and close above 16450 - 16560 where it has its initial resistance to move towards next targets of 16860 - 16940 .
Closing above 16940 Nifty may move towards further targets of 17200 - 17500.
On the downside :
Nifty has to sustain and close below 16090 - 15970 where it has its initial support to move towards next targets of 15670 - 15590 .
Closing below 15590 Nifty may move towards further targets of 15340 - 15050.
Overall Nifty has immediate good resistance at 17370 - 17540 zone which it needs to close above for the next move towards 17900 - 18100 zone
So far this week Nifty made a high of 16414.70 coming to our initial weekly resistance zone of 16450 - 16560 and corrected till 16185.75 before closing at 16214.70 . In the coming session Nifty has immediate support at 16090 - 15970 which it needs to hold on gap down or correction to expect a bounce . On the upside Nifty has immediate weekly resistance at 16450 - 16560 incase of a gap up or upmove and it needs to break and close above it for further moves else we may see in dip again.
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 . Closing below 16100 we can see Nifty move towards 15700 - 15500.
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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