In the previous session:
Nifty went up by 123 points then went down by 69 points before closing higher by 1 point on Wednesday
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 07th Feb:
Nifty triggered our long trade by opening near our 1st target and took our stoploss. Post that Nifty traded sideways the whole day
For 08th Feb:
Sustaining above 22000 can move towards 22040 - 22090 - 22220, SL 21950
(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 22053.30 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 sustaining above 22000 can move towards 22090 - 22150 where it has been facing resistance. On the downside Nifty sustaining below 21860 can move towards 21765 - 21730 where it has been taking support. Currently Nifty has been trading sideways between 21700 - 22150 and we should this range break on either side for a 300 - 400 points further move
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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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