In the previous session:
Nifty went up by 178 points then went down by 379 points before closing lower by 333 points on Tuesday
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 23rd Jan:
Nifty opened gap up near our 2nd long target and did not give a trade. Post that Nifty reversed to trigger our short trade and completed all targets doing 245 points and exceeded it further by 55 points
For 24th Jan:
Sustaining above 21325 can move towards 21375 - 21435 - 21595, SL 21265
In the Previous Week:
Nifty initially triggered our weekly long trade above 22030 but took our stoploss. Post that Nifty triggered our weekly short trade below 21760 and completed all short targets till 21330 wiht a low of 21285.55.
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 21750 - 21825 to move towards its initial weekly long targets of 22030 - 22090
Closing above 22090 Nifty may move towards its last weekly long targets of 22270 - 22470
On the downside:
Nifty has to sustain and close below its weekly support at 21500 - 21420 to move towards its initial weekly short targets of 21210 - 21150
Closing below 21150 Nifty may move towards its last weekly short targets of 20970 - 20770
So far this week Nifty has made a high of 21750.25 touching our resistance zone of 21750 - 21825 and reversed sharply to break and sustain below 21420 triggering our weekly short trade and reached our initial weekly short target zone of 21210 - 21150 with a low of 21192.60 and closed at 21238.80. Now the trailing cbsl for the weekly short trade is 21420
Now in the coming sessions Nifty sustaining above 21325 has immediate resistance at 21400 - 21450 and has to break and sustain/ close above it for a further upmove. On the downside Nifty sustaining below 21420 can move to complete its initial short target of 21210 - 21150 and on sustaining below 21150 can move towards 20970 - 20770.
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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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