In the previous session:
Nifty went up by 20 points then went down by 290 points before closing lower by 257 points on Tuesday
Nifty made a new lifetime high of 18604.45 in this upmove from the lows of 7511.10 made on 24th March 2020
On 11th Oct:
Nifty triggered our short trade and competed all targets doing 220 points.
For 12th Oct:
Sustaining above 17060 enter for 17110 - 17165 - 17310, SL 17000
Now for this week:
On the upside:
Nifty has to sustain and close above its immediate resistance at 17450 - 17530 to move towards initial long targets of 17760 - 17820.
Closing above 17820 Nifty may move towards next long targets of 18010 - 18220
On the downside:
Nifty has to sustain and close below its immediate support at 17180 - 17100 to move towards initial short targets of 16870 - 16810.
Closing below 16810 Nifty may move towards next targets of 16620 - 16410.
So far this week Nifty made a low of 16950.30 breaking below our weekly support zone of 17180 - 17100 and closed at 16983.55.
Now in the coming session Nifty breaking and sustaining below 17100 can move towards 16870 - 16810 to complete its initial weekly short targets. On the upside Nifty has immediate resistance at 17180 which it needs to break and sustain above for a move towards 17260 - 17300.
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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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