In the previous session:
Nifty went up by 92 points then went down by 84 points before closing lower by 61 points on Tuesday
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 31st Oct:
Nifty initially triggered our long trade with a gap up near our 1st target and then took our stoploss. Post that Nifty went on to trigger our short trade but did not complete any target
For 01st Nov:
Sustaining above 19135 can move towards 19165 - 19205 - 19305, SL 19095
In the Previous Week:
Nifty triggered our weekly short trade below 19445 and made a low of 18837.85 completing all our short targets till 19140 and exceeding it further by 300 points
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 19135 - 19190 to move towards its initial weekly long targets of 19340 - 19380
Closing above 19380 Nifty may move towards its last weekly long targets of 19505 - 19650
On the downside:
Nifty has to sustain and close below its weekly support at 18960 - 18905 to move towards its initial weekly short targets of 18755 - 18715
Closing below 18715 Nifty may move towards its last weekly short targets of 18590 - 18445
So far this week Nifty has made a low of 18940 testing our weekly support zone and bounced back to make a high of 19233.70 breaking our weekly resistance zone but could not sustain and corrected immediately.
Now in the coming session Nifty has immediate resistance at 19135 - 19190 and has to break and sustain/close above it to move towards its initial weekly long targets of 19340 - 19380. On the downside Nifty has to break and sustain/close below 18905 to move towards its initial weekly short targets of 18755 - 18715.
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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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