In the previous session:
Nifty went up by 429 points before closing higher by 156 points on Friday
Nifty made a new lifetime high of 22126.80 on 02nd Feb 2024 from the lows of 7511.10 made on 24th March 2020
On 02nd Feb:
Nifty triggered our long trade and completed all targets doing 250 points and exceeded it by gaining further 70 points
For 05th Feb:
Sustaining above 21940 can move towards 21990 - 22050 - 22200, SL 21880
(One should ideally look to exit near the 2nd target once a trade is triggered)
In the Previous Week:
Nifty triggered our weekly long trade sustaining /closing above 21570 and reached till our last targets of 22060 - 22280 with a high of 22126.80
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 21990 - 22080 to move towards its initial weekly long targets of 22315 - 22375
Closing above 22375 Nifty may move towards its last weekly long targets of 22575 - 22800
On the downside:
Nifty has to sustain and close below its weekly support at 21715 - 21630 to move towards its initial weekly short targets of 21395 - 21335
Closing below 21335 Nifty may move towards its last weekly short targets of 21135 - 20910
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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