In the previous session:
Nifty went down by 87 points then went up by 142 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 17th Oct:
Nifty triggered our short trade and took our stoploss. Post that Nifty reversed to trigger our long trade and did 60 points.
For 18th Oct:
Sustaining above 17380 enter for 17425 - 17470 - 17600, SL 17330
Now for this week:
On the upside:
Nifty has to sustain and close above its immediate resistance at 17310 - 17380 to move towards initial long targets of 17580 - 17640.
Closing above 17640 Nifty may move towards next long targets of 17810 - 18000
On the downside:
Nifty has to sustain and close below its immediate support at 17060 - 16990 to move towards initial short targets of 16780 - 16730.
Closing below 16730 Nifty may move towards next targets of 16560 - 16370.
So far this week Nifty made a low of 17098.55 and bounced back to make a high of 17328.55 testing our initial weekly resistance zone and closed at 17311.80.
Now in the coming session Nifty has to break and sustain above 17380 to move towards its initial weekly targets of 17580 - 17640. On the downside Nifty has immediate support at 17060 - 16990 zone .
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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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