In the previous session:
Nifty went up by 50 points then went down by 12 points before closing higher by 3 points on Tuesday
Nifty made a new lifetime high of 19991.85 on 20th Jul 2023 from the lows of 7511.10 made on 24th March 2020
On 22nd Aug:
Nifty triggered our long trade and completed just 1 target and took our stoploss
For 23rd Aug:
Sustaining above 19425 enter for 19440 - 19460 - 19500, SL 19405
In the Previous Week:
Nifty mostly traded between our long and short trigger levels
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 19355 - 19380 to move towards its initial weekly long targets of 19450 - 19470.
Closing above 19470 Nifty may move towards its last weekly long targets of 19530 - 19600
On the downside:
Nifty has to sustain and close below its weekly support at 19270 - 19240 to move towards its initial weekly short targets of 19170 - 19150
Closing below 19150 Nifty may move towards its last weekly short targets of 19090 - 19030
So far this week Nifty has made a high of 19443.50 breaking above our weekly resistance zone of 19355 - 19380 and closed at 19396.45.
Now in the coming session Nifty has immediate support at 19270 - 19240 and has to hold it to bounce back. On the upside Nifty sustaining above 19380 can move towards 19450 - 19470 to complete its initial weekly long targets. Stoploss for the weekly long trade triggered is 19330 on closing basis.
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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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