In the previous session:
Nifty went down by 482 points before closing lower by 460 points on Wednesday
Nifty made a new lifetime high of 22124.15 on 16th Jan 2024 from the lows of 7511.10 made on 24th March 2020
On 17th Jan:
Nifty opened way below our last short target and did not give a trade
For 18th Jan:
Sustaining above 21650 can move towards 21695 - 21750 - 21895, SL 21595
In the Previous Week:
Nifty triggered our weekly short trade below 21600 and completed our initial weekly short targets till 21480 - 21450 with a low of 21448.65 and took our trialing stoploss.
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 21980 - 22030 to move towards its initial weekly long targets of 22170 - 22210
Closing above 22210 Nifty may move towards its last weekly long targets of 22330 - 22460
On the downside:
Nifty has to sustain and close below its weekly support at 21810 - 21760 to move towards its initial weekly short targets of 21620 - 21580
Closing below 21580 Nifty may move towards its last weekly short targets of 21460 - 21330
So far this week Nifty made a high of 22124.15 and closed at 22032.30 after triggering our weekly long trade on Monday. The cbsl for the weekly long trade was 21935 which was taken out with a big gap down. Also Nifty triggered our short trade and completed our initial targets till 21620 - 21580 with a low of 21550.45 and closed at 21571.95. The trailing cbsl for the weekly short trade is now a hourly close above 21730
Now in the coming session Nifty sustaining below 21580 can move towards its last weekly short target of 21460 - 21330. On the upside Nifty has immediate resistance at 21760 - 21810 where it may face resistance.
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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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