In the previous session:
Nifty went down by 180 points then went up by 197 points before closing higher by 162 points on Thursday
Nifty made a new lifetime high of 22252.50 on 22nd Feb 2024 from the lows of 7511.10 made on 24th March 2020
On 22nd Feb:
Nifty initially triggered our short trade and completed all targets doing 125 points then reversed to trigger our long trade and again completed all targets doing 125 points with a unexpected move.
For 23rd Feb:
Sustaining above 22260 can move towards 22290 - 22320 - 22400, SL 22230
(One should ideally look to exit near the 2nd target once a trade is triggered)
In the Previous Week:
Nifty triggered our weekly short trade and took our stoploss without completing any targets
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 22120 - 22170 to move towards its initial weekly long targets of 22305 - 22340
Closing above 22340 Nifty may move towards its last weekly long targets of 22455 - 22585
On the downside:
Nifty has to sustain and close below its weekly support at 21960 - 21910 to move towards its initial weekly short targets of 21780 - 21740
Closing below 21740 Nifty may move towards its last weekly short targets of 21630 - 21500
So far this week Nifty had earlier triggered our weekly long trade and taken our cbsl and today tested our weekly support and bounced sharply to again trigger our weekly long trade with a lifetime hihg close of 22217.45. The cbsl for the weekly long trade is again 22080
Now in the coming session Nifty sustaining above 22260 can move towards 22305 - 22340. On the downside Nifty sustaining below 22175 can move towards 22115 - 22075
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