In the previous session:
Nifty went down by 110 points then went up by 66 points before closing higher by 51 points on Wednesday
Nifty made a new lifetime high of 20222.45 on 15th Sep 2023 from the lows of 7511.10 made on 24th March 2020
On 27th Sep:
Nifty initially triggered our short trade and completed 2 targets doing 50 points and took our TSL. Post that Nifty triggered our long trade and completed just 1 target doing 20 points
For 28th Sep:
Sustaining above 19755 can move towards 19775 - 19805 - 19870, SL 19725
In the Previous Week:
Nifty triggered our weekly short trade below 20140 and completed all our weekly short targets till 20025 - 19975 doing 165 points and exceeded it by 300+ points with a low of 19657.50
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 19750 - 19795 to move towards its initial weekly long targets of 19920 - 19955.
Closing above 19955 Nifty may move towards its last weekly long targets of 20060 - 20180
On the downside:
Nifty has to sustain and close below its weekly support at 19600 - 19550 to move towards its initial weekly short targets of 19430 - 19390
Closing below 19390 Nifty may move towards its last weekly short targets of 19285 - 19170
So far this week Nifty has made a low of 19554 testing our weekly support zone of 19600 - 19550 and bounced back sharply almost reaching our weekly resistance zone of 19750 - 19795 with a move till 19730 and closed at 19716.45
Now in the coming session Nifty has immediate resistance at 19750 - 19795 on further upmove and has to sustain/close above 19795 for a further move towards 19920 - 19955. On the downside Nifty has immediate support at 19600 - 19550 and it has to break and close below 19550 for a further downmove towards 19430 - 19390
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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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