In the previous session:
Nifty went down by 101 points then went up by 243 points before closing higher by 215 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 24th Jan:
Nifty triggered our long trade and completed 2 targets doing 110 points
For 25th Jan:
Sustaining above 21545 can move towards 21600 - 21665 - 21830, SL 21480
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 completed our initial weekly short targets of 21210 - 21150 with a low of 21137.20 and bounced to close at 21453.95 above the trailing cbsl given for the weekly short trade of 21420.
Now in the coming sessions Nifty sustaining above 21500 has immediate resistance at 21550 - 21650 and can face resistance in this zone. On the downside Nifty breaking and sustaining below 21420 can again towards 21360 - 21270
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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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