In the previous session:
Nifty went up by 143 points before closing higher by 126 points on Monday
Nifty made a new lifetime high of 18604.45 in this upmove from the lows of 7511.10 made on 24th March 2020
On 05th Sep:
Nifty triggered our long trade and completed just 1 target doing 50+ points
For 06th Sep:
Sustaining above 17740 enter for 17785 - 17840 - 17980, SL 17690
Now for this week:
On the upside:
Nifty has to sustain and close above its immediate resistance at 17670 - 17750 to move towards initial long targets of 17970 - 18030.
Closing above 18030 Nifty may move towards next long targets of 18220 - 18430
On the downside:
Nifty has to sustain and close below its immediate support at 17410 - 17330 to move towards initial short targets of 17100 - 17050.
Closing below 17050 Nifty may move towards next targets of 16860 - 16650.
So far this week Nifty has made a high of 17683.15 testing our initial weekly resistance zone of 17670 - 17750 and closed at 17665.80. Now in the coming session Nifty has to break and sustain above 17750 for a move towards 17970 - 18030. On the downside Nifty has immediate support at 17540 - 17490 and breaking and sustaining below it Nifty can fall further towards 17410 - 17330 where it has next support.
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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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