In the previous session:
Nifty went up by 284 points before closing higher by 256 points on Thursday
Nifty made a new lifetime high of 21210.90 on 14th Dec 2023 from the lows of 7511.10 made on 24th March 2020
On 14th Dec:
Nifty opened with a big gap up near our 2nd target and did not give a good entry and eventually went up further by another 100 points
For 15th Dec:
Sustaining above 21240 can move towards 21275 - 21320 - 21430, SL 21200
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 21210.90 coming close to our initial weekly long targets of 21230 - 21265 and closed at 21182.70 confirming our weekly long trade. The cbsl for the weekly long trade is now 21010.
Now in the coming session Nifty sustaining above 21100 can move towards 21230 - 21265 and sustaining above 21265 we see a further move towards 21380 - 21500. On the downside Nifty has immediate support now at 21100 - 21050 and has to sustain below it for a further move towards 20890 - 20840 else we may see a bounce from 21100 - 21050 zone
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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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