In the previous session:
Nifty went up by 120 points then went down by 14 points before closing higher by 25 points on Wednesday
Nifty made a new lifetime high of 18604.45 in this upmove from the lows of 7511.10 made on 24th March 2020
On 19th Oct:
Nifty triggered our long trade and almost completed 2 targets doing 60 points.
For 20th Oct:
Sustaining above 17570 enter for 17600 - 17640 - 17740, SL 17530
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 17607.60 reaching our initial weekly target zone of 17580 - 17640.
Now in the coming session Nifty has immediate resistance in the zone of 17610 - 17640 and has to break and sustain above it for a further move towards 17810 - 18000. On the downside Nifty has to break and sustain below 17430 to move towards its support zone of 17350 - 17310.
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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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