In the previous session:
Nifty went down by 122 points then went up by 90 points before closing higher by 13 points
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 16th Mar:
Nifty triggered our short trade and almost completed 2 targets doing 60 points and took our TSL. Post that Nifty reversed to trigger our long trade in the last hour but fell short of completing 1st target.
For 17th Mar:
Sustaining above 17045 enter for 17080 - 17120 - 17230, SL 17000
In the Previous Week:
Nifty confirmed our short trade and made a low of 17324.35 coming close to our initial weekly short target of 17285 - 17245
Now for this week:
On the upside:
Nifty has to sustain and close above its immediate resistance at 17505 - 17565 to move towards its initial long targets of 17720 - 17760.
Closing above 17760 Nifty may move towards next long targets of 17900 - 18040
On the downside:
Nifty has to sustain and close below its immediate support at 17320 - 17260 to move towards initial short targets of 17105 - 17065.
Closing below 17065 Nifty may move towards next targets of 16930 - 16780.
So far this week Nifty had made a high of 17529.90 testing our weekly resistance zone of 17505 - 17565 and reversed sharply to confirm our weekly short trade and completed our initial weekly short targets of 17105 - 17065 and also almost completed our last weekly short targets of 16930 - 16780 making a low of 16850.15 and closed at 16985.60
Now in the coming session Nifty has to sustain above 16930 to move towards 17065 - 17105 where it has its immediate resistance and if it manages to break and sustain above it then we can see it move towards 17200 levels. On the downside Nifty has immediate support at 16850 - 16780 and has to break and sustain below it for any further fall.
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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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