In the previous session:
Nifty went up by 168 points before closing higher by 141 points on Thursday
Nifty made a new lifetime high of 21834.35 on 01st Jan 2024 from the lows of 7511.10 made on 24th March 2020
On 04th Jan:
Nifty triggered our long trade and completed all targets doing 125 points
For 05th Jan:
Sustaining above 21700 can move towards 21725 - 21760 - 21840, SL 21670
In the Previous Week:
Nifty completed our initial weekly long targets till 21700 - 21750 making a high of 21801 on sustaining above 21520.
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 21820 - 21875 to move towards its initial weekly long targets of 22030 - 22070
Closing above 22070 Nifty may move towards its last weekly long targets of 22190 - 22340
On the downside:
Nifty has to sustain and close below its weekly support at 21640 - 21585 to move towards its initial weekly short targets of 21440 - 21390
Closing below 21390 Nifty may move towards its last weekly short targets of 21270 - 21120
So far this week Nifty has made a high of 21834.35 testing our weekly resistance zone of 21820 - 21875 and reversed to make a low of 21500.35 breaking our weekly support zone of 21640 - 21585 and closed at 21517.35 triggering our weekly short trade. The closing basis stoploss for the short trade is 21690.
Now in the coming session Nifty sustaining below 21585 can move towards 21440 - 21390. On the upside Nifty sustaining above 21640 has resistance at 21760 - 21840
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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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