In the previous session:
Nifty went up by 107 points then went down by 66 points before closing lower by 28 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 01st Feb:
Nifty traded sideways between our long and short trigger and did trigger a trade
For 02nd Feb:
Sustaining above 21780 can move towards 21830 - 21895 - 22050, SL 21720
(One should ideally look to exit near the 2nd target once a trade is triggered)
In the Previous Week:
Nifty initially triggered our weekly short trade below 21420 and completed our initial targets till 21210 - 21150 with a low of 21137.20
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 21490 - 21570 to move towards its initial weekly long targets of 21800 - 21860
Closing above 21860 Nifty may move towards its last weekly long targets of 22060 - 22280
On the downside:
Nifty has to sustain and close below its weekly support at 21220 - 21130 to move towards its initial weekly short targets of 20900 - 20840
Closing below 20840 Nifty may move towards its last weekly short targets of 20650 - 20430
So far this week Nifty has made a high of 21832.95 reaching its initial weekly long target zone of 21800 - 21860 after triggering our weekly long trade in the previous session. The trailing cbsl for the weekly long trade is 21530.
Now in the coming session Nifty sustaining above 21780 can move up further towards 21860 - 21890. On the downside Nifty sustaining below 21615 can move again towards 21570 - 21500
In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".
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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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