In the previous session:
Nifty went down by 47 points then went up by 98 points before closing higher by 74 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 15th Nov:
Nifty triggered our long trade and did just 1 target.
For 16th Nov:
Sustaining above 18450 enter for 18480 - 18515 - 18605, SL 18420
Now for this week:
On the upside:
Nifty has to sustain and close above its immediate resistance at 18440 - 18490 to move towards initial long targets of 18640 - 18680.
Closing above 18680 Nifty may move towards next long targets of 18810 - 18950
On the downside:
Nifty has to sustain and close below its immediate support at 18260 - 18210 to move towards initial short targets of 18060 - 18020.
Closing below 18020 Nifty may move towards next targets of 17890 - 17750.
So far this week Nifty has made a low of 18282 today and bounced back to make a high of 18427.95 and closed at 18403.40
Now in the coming session Nifty has immediate resistance at 18440 - 18490 and has to break and sustain above it for a further move towards its initial weekly long target of 18640 - 18680. On the downside Nifty has immediate support at 18260 - 18210 which it needs to break and sustain below for a correction towards 18060 - 18020.
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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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