In the previous session:
Nifty went up by points then went down by 74 points then went down by 44 points before closing lower by 18 points on Thursday
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 11th May:
Nifty broke out above our long trigger but failed to give a 10 mins close above it to enter a trade. Post that the entire day Nifty traded sideways between our long and short trigger points.
For 12th May:
Sustaining above 18345 enter for 18370 - 18400 - 18485, SL 18310
In the Previous Week:
Nifty confirmed our long trade on closing above 18140 and almost touched our last target zone of 18285 - 18350 with a high of 18267.45 . Overall Nifty gave a 120 points move after confirming our weekly long
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 18135 - 18175 to move towards its initial weekly long targets of 18290 - 18320.
Closing above 18320 Nifty may move towards its last weekly long targets of 18410 - 18520
On the downside:
Nifty has to sustain and close below its weekly support at 18000 - 17960 to move towards initial weekly short targets of 17850 - 17820
Closing below 17820 Nifty may move towards next targets of 17730 - 17620.
So far this week Nifty has made a high of 18389.70 completing our initial weekly long targets till 18290 - 18320 on sustaining above 18175 and closed today at 18297. Nifty has been unable to close above 18320 to confirm the next move towards the last weekly long targets of 18410 - 18520.
Now in the coming session Nifty sustaining above 18345 can move towards 18410 - 18520 to complete its last weekly long targets. On the downside Nifty breaking and sustaining below 18250 has immediate support at 18175 - 18135
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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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