In the previous session:
Nifty went up by 110 points then went down by 8 points before closing higher by 5 points on Wednesday
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 30th Aug:
Nifty triggered our long trade with a gap up near our last long target and did not give a trade
For 31st Aug:
Sustaining above 19370 enter for 19385 - 19405 - 19450, SL 19355
In the Previous Week:
Nifty triggered our weekly long trade above 19380 and almost completed our last weekly long targets till 19530 - 19600 with a high of 19584.45 doing 200 points
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 19305 - 19335 to move towards its initial weekly long targets of 19400 - 19420.
Closing above 19420 Nifty may move towards its last weekly long targets of 19480 - 19540
On the downside:
Nifty has to sustain and close below its weekly support at 19225 - 19200 to move towards its initial weekly short targets of 19130 - 19115
Closing below 19115 Nifty may move towards its last weekly short targets of 19060 - 19000
So far this week Nifty has made a high of 19452.80 breaking above our weekly resistance zone of 19305 - 19335 and completed our initial weekly long targets till 19400 - 19420 and closed at 19347.45
Now in the coming session Nifty sustaining above 19335 can make a move towards 19400 - 19420 again but has to close above 19420 to move towards its last weekly long targets. On the downside Nifty has immediate support at 19305 and has to break and sustain below it to move towards 19225 - 19200. For those who entered longs yesterday as per the weekly long trade should have booked today at completion of initial weekly long targets and if still holding then should follow strict stoploss of 19285 on hourly closing
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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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