In the previous session:
Nifty went up by 115 points then went down by 77 points before closing lower by 52 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 18th May:
Nifty opened with a big gap up above our 2nd long target and did not give a good risk reward trade. Post that Nifty reversed to trigger our short trade and completed just 1 target doing 35 points
For 19th May:
Sustaining above 18225 enter for 18250 - 18280 - 18350, SL 18195
In the Previous Week:
Nifty confirmed our long trade on closing above 18175 and almost reached our last target zone of 18410 - 18520 with a high of 18389.70. Overall Nifty gave a 200 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 18385 - 18425 to move towards its initial weekly long targets of 18545 - 18575.
Closing above 18575 Nifty may move towards its last weekly long targets of 18675 - 18785
On the downside:
Nifty has to sustain and close below its weekly support at 18245 - 18200 to move towards initial weekly short targets of 18090 - 18050
Closing below 18050 Nifty may move towards next targets of 17960 - 17850.
So far this week Nifty made a high of 18458.90 breaking above our weekly resistance zone but has failed to give a close above it to confirm a long trade and reversed to make a low of 18104.85 almost reaching our initial weekly short target zone of 18090 - 18050 and closed today at 18129.95
Now in the coming session Nifty has immediate resistance at 18225 - 18250 and has to sustain and close above it for a move towards 18280 - 18350. On the downside Nifty sustaining below 18200 can move towards its initial weekly short targets of 18090 - 18050 and if sustains below 18050 then can fall further
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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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