In the previous session:
Nifty went up by 110 points then went down by 127 points before closing lower by 82 points on Monday
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 05th Feb:
Nifty triggered our long trade and took our stoploss. Post that Nifty reversed to trigger our short trade but failed to complete any targets
For 06th Feb:
Sustaining above 21860 can move towards 21910 - 21970 - 22130, SL 21800
(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
So far this week Nifty has made a high of 21964.30 and a low of 21726.95 and has been trading between our weekly support and resistance and closed at 21771.70.
Now in the coming session Nifty has immediate support at 21715 - 21630 and sustaining/closing below it can move towards 21395 - 21335. On the upside Nifty has immediate resistance at 21990 - 22080 and has to sustain/close above it for a further upmove
In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".
Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours.
To receive this post daily in your inbox, kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.
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
No comments:
Post a Comment