In the previous session:
Nifty went up by 12 points then went down by 82 points before closing lower by 5 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 07th Nov:
Nifty triggered our short but did not complete any target and took our stoploss.
For 08th Nov:
Sustaining above 19465 can move towards 19495 - 19535 - 19640, SL 19425
In the Previous Week:
Nifty traded between our long and short trigger zone the entire week and confirmed our weekly long on Friday
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 19335 - 19395 to move towards its initial weekly long targets of 19570 - 19620
Closing above 19620 Nifty may move towards its last weekly long targets of 19765 - 19935
On the downside:
Nifty has to sustain and close below its weekly support at 19130 - 19065 to move towards its initial weekly short targets of 18890 - 18845
Closing below 18845 Nifty may move towards its last weekly short targets of 18700 - 18530
So far this week Nifty triggered our long trade with a close above 19395 and so far made a high of 19423.50. Now the stoploss for this would be a close below 19280.
Now in the coming session Nifty has to sustain /close above 19395 to move towards 19570 - 19620 where it may face strong resistance. On the downside Nifty sustaining below 19350 has immediate support at 19275 - 19180
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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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