In the previous session:
Nifty went up by 154 points before closing higher by 57 points on Thursday
Nifty made a new lifetime high of 18604.45 in this upmove from the lows of 7511.10 made on 24th March 2020
On 06th Oct:
Nifty triggered our long trade and completed just 1 target doing 55 points
For 07th Oct:
Sustaining above 17435 enter for 17475 - 17540 - 17700, SL 17360
Now for this week:
On the upside:
Nifty has to sustain and close above its immediate resistance at 17210 - 17280 to move towards initial long targets of 17480 - 17530.
Closing above 17530 Nifty may move towards next long targets of 17700 - 17880
On the downside:
Nifty has to sustain and close below its immediate support at 16980 - 16910 to move towards initial short targets of 16710 - 16660.
Closing below 16660 Nifty may move towards next targets of 16490 - 16310.
So far this week Nifty has made a low of 16855.55 breaking below our weekly support and post that bounced back to make a high of 17428.80 breaking above our weekly resistance zone and closed at 17331.80
Now in the coming session Nifty has to sustain above 17280 for a move towards 17480 -17530 where it has its initial weekly targets. On the downside Nifty breaking and sustaining below 17210 has supports at 17130 - 17040.
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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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