In the previous session:
Nifty went up by 310 points then went down by 308 points before closing lower by 45 points on Wednesday
Nifty made a new lifetime high of 18887.60 on 01st Dec 2022 from the lows of 7511.10 made on 24th March 2020
On 01st Feb:
Nifty initially triggered our short trade with a gap up near our last target and did not give a trade. Post that Nifty reversed to trigger our short trade and completed all targets doing 250+ points.
For 02nd Feb:
Sustaining above 17660 enter for 17690 - 17720 - 17800, SL 17630
In the Previous Week:
Nifty triggered our weekly short trade and completed all targets till 17590 and exceeded it with a low of 17493.55
Now for this week:
On the upside:
Nifty has to sustain and close above its immediate resistance at 17690 - 17750 to move towards its initial long targets of 17890 - 17930.
Closing above 17930 Nifty may move towards next long targets of 18060 - 18200
On the downside:
Nifty has to sustain and close below its immediate support at 17520 - 17460 to move towards initial short targets of 17320 - 17280.
Closing below 17280 Nifty may move towards next targets of 17150 - 17010.
So far this week Nifty made a high of 17972.20 completing our initial weekly long targets and reversed sharply to make a low of 17353.40 almost touching our initial weekly short target zone of 17320 - 17280 but recovered to close at 17616.30.
Now in the coming session Nifty has immediate resistance at 17690 - 17750 which it needs to break and sustain for a move again towards 17890 - 17930. On the downside Nifty has immediate support at 17520 - 17460 zone which it needs to break and sustain for a move towards 17320 - 17280. Ideally we now need a close either below 17460 or above 17750 for good move.
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Disclaimer: I am not SEBI registered and these are my personal views and one should do their own research or consult a financial advisor 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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