In the previous session:
Nifty went down by 45 points then went up by 113 points before closing higher by 70 points on Thursday
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 15th Feb:
Nifty triggered our long trade and almost completed 2 targets doing 60 points
For 16th Feb:
Sustaining above 21960 can move towards 21990 - 22020 - 22110, SL 21925
(One should ideally look to exit near the 2nd target once a trade is triggered)
In the Previous Week:
Nifty traded sideways the entire week between our weekly support and resistance zones
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 21875 - 21930 to move towards its initial weekly long targets of 22090 - 22130
Closing above 22130 Nifty may move towards its last weekly long targets of 22265 - 22410
On the downside:
Nifty has to sustain and close below its weekly support at 21690 - 21630 to move towards its initial weekly short targets of 21475 - 21435
Closing below 21435 Nifty may move towards its last weekly short targets of 21300 - 21150
So far this week Nifty has made low of 21530.20 breaking below our weekly support of 21690 - 21630 and has now bounced sharply till 21935.85 and closed at 21910.75 after triggering our cbsl for the weekly short trade on Tuesday.
Now in the coming session Nifty has to sustain above 21960 to move towards 22020 - 22110.On the downside Nifty sustaining below 21860 can move towards 21800 - 21710
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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