In the previous session :
Nifty went up by 343 points before closing higher by 309 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 30th May :-
Nifty initially triggered our long trade with a gap up above our 1st target and went up further by 150+ points.
For 31st May :-
Sustaining above 16760 enter for 16820 - 16890 - 17070 , SL 16690
Now for this week :
On the upside :
Nifty has to sustain and close above 16520 - 16630 where it has its initial resistance to move towards next targets of 16900 - 16980 .
Closing above 16980 Nifty may move towards further targets of 17210 - 17490.
On the downside :
Nifty has to sustain and close below 16180 - 16080 where it has its initial support to move towards next targets of 15800 - 15720 .
Closing below 15720 Nifty may move towards further targets of 15480 - 15210 .
So far this week Nifty made a high of 16695.50 breaking above our initial resistance zone and closed well above it at 16661.40. Now in the coming session Nifty has immediate support at 16500 - 16430 on dips from where we may see a bounce on corrections. Sustaining above 16630 we can see it move up further towards 16900 - 16980 .
For the month :
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 . 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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