In the previous session:
Nifty went down by 286 points before closing lower by 109 points on Thursday
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 18th Jan:
Nifty opened near our 2nd target and did not give a good entry
For 19th Jan:
Sustaining above 21540 can move towards 21585 - 21640 - 21785, SL 21485
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.
After triggering the cbsl for the weekly long trade Nifty had triggered our short trade in the previous session and today completed all our weekly short targets till 21460 - 21330 with a low of 21285.55 and closed at 21462.25.
Now in the coming session Nifty has to sustain above 21540 to move up further towards 21640 - 21710. On the downside Nifty sustaining below 21385 can move back towards 21285 - 21215.
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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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