In the previous session:
Nifty went up by 40 points then went down by 130 points before closing lower by 90 points on Tuesday
Nifty made a new lifetime high of 21006.10 on 08th Dec 2023 from the lows of 7511.10 made on 24th March 2020
On 12th Dec:
Nifty triggered our short trade and completed 2 targets doing 65 points
For 13th Dec:
Sustaining above 20960 can move towards 20995 - 21030 - 21130, SL 20925
In the Previous Week:
Nifty opened above our last weekly long target and moved up further by almost 500 points on the back of short covering based on election results in several states.
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 21050 - 21100 to move towards its initial weekly long targets of 21230 - 21265
Closing above 21265 Nifty may move towards its last weekly long targets of 21380 - 21500
On the downside:
Nifty has to sustain and close below its weekly support at 20890 - 20840 to move towards its initial weekly short targets of 20710 - 20675
Closing below 20675 Nifty may move towards its last weekly short targets of 20560 - 20440
So far this week Nifty has made a high of 21039.90 and made a low of 20867.15 testing our weekly support zone of 20890 - 20840 and has closed at 20906.40
Now in the coming session Nifty has immediate resistance at 21050 - 21100 and has to break and close above it for a move towards 21230 - 21265. On the downside Nifty has immediate support at 20890 - 20840 and sustaining/closing below it can move towards 20710 - 20675
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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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