In the previous session:
Nifty went up by 163 points before closing higher by 146 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 Mar:
Nifty triggered our long trade with a gap up above our 1st target but gave a dip to enter and went on to complete all targets and more doing 75+ points
For 02nd Mar:
Sustaining above 17490 enter for 17515 - 17540 - 17615, SL 17460
In the Previous Week:
Nifty triggered our short trade on closing below 17850 and completed all our weekly short targets till 17650 - 17560 and exceeded it with a low of 17421.80
Now for this week:
On the upside:
Nifty has to sustain and close above its immediate resistance at 17535 - 17580 to move towards its initial long targets of 17700 - 17730.
Closing above 17730 Nifty may move towards next long targets of 17830 - 17950
On the downside:
Nifty has to sustain and close below its immediate support at 17395 - 17350 to move towards initial short targets of 17230 - 17200.
Closing below 17200 Nifty may move towards next targets of 17100 - 16980.
So far this week Nifty made a low of 17255.20 breaking below our weekly support zone at 17395 - 17350 and today bounced back to make a high of 17467.75 and closed at 17450.90. Nifty had triggered our weekly short trade earlier and the stoploss for the same is 17510 on closing basis.
Now in the coming session Nifty has immediate resistance in the range of 17535 - 17580 and has to break and sustain above this zone for a further move towards 17700 - 17730. On the downside Nifty has immediate support now at 17395 - 17350 which it needs to hold on dips to bounce.
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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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