In the previous session:
Nifty went up by 31 points then went down by 38 points before closing lower by 17 points on Thursday
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 12th Oct:
Nifty traded sideways between our long and short trigger zone indicating indecisiveness
For 13th Oct:
Sustaining above 19840 can move towards 19865 - 19895 - 19980, SL 19805
In the Previous Week:
Nifty traded triggered our weekly short trade closing below 19530 and completed our initial targets of 19415 - 19385 with a low of 19333.60
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 19720 - 19760 to move towards its initial weekly long targets of 19870 - 19900
Closing above 19900 Nifty may move towards its last weekly long targets of 19990 - 20100
On the downside:
Nifty has to sustain and close below its weekly support at 19590 - 19550 to move towards its initial weekly short targets of 19435 - 19405
Closing below 19405 Nifty may move towards its last weekly short targets of 19315 - 19205
So far this week Nifty had made a low of 19480.50 breaking below our weekly support zone of 19590 - 19550 and triggered our weekly short trade and took our stoploss by closing above 19625 in the previous session. Nifty has now triggered our weekly long trade with a close above 19760 and the stoploss for the weekly long trade is now a hourly close below 19680 . Nifty closed today at 19794
Now in the coming session Nifty sustaining above 19760 can move towards 19870 - 19900. On the downside Nifty has immediate support at 19720 - 19690 and needs to break and sustain below it for a move towards 19600 - 19550
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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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