In the previous session:
Nifty went down by 96 points then went up by 97 points before closing higher by 73 points on Wednesday
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 10th Jan:
Nifty initially triggered our short trade and completed 2 targets doing 55 points and took our TSL. Post that Nifty reversed to trigger our long trade and again completed 2 targets doing 55 points
For 11th Jan:
Sustaining above 21660 can move towards 21685 - 21710 - 21780, SL 21630
In the Previous Week:
Nifty triggered our weekly short trade but missed completing our initial weekly short targets and took our stoploss.
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 21780 - 21825 to move towards its initial weekly long targets of 21940 - 21970
Closing above 21970 Nifty may move towards its last weekly long targets of 22070 - 22180
On the downside:
Nifty has to sustain and close below its weekly support at 21640 - 21600 to move towards its initial weekly short targets of 21480 - 21450
Closing below 21450 Nifty may move towards its last weekly short targets of 21350 - 21240
So far this week Nifty triggered our short trade on sustaining below 21600 and completed our initial weekly short targets of 21480 - 21450 with a low of 21448.65 and on Wednesday bounced back till 21641.85 and closed at 21618.70. The tcbsl for the weekly short trade is 21680
Now in the coming session Nifty has immediate resistance at 21640 - 21720. On the downside Nifty has immediate support at 21480 - 21450 and sustaining / closing below 21450 Nifty can move towards 21350 - 21240.
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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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