In the previous session:
Nifty went down by 137 points before closing lower by 90 points on Monday
Nifty made a new lifetime high of 22297.50 on 23rd Feb 2024 from the lows of 7511.10 made on 24th March 2020
On 26th Feb:
Nifty triggered our short trade and completed all our targets doing 105 points
For 27th Feb:
Sustaining above 22160 can move towards 22180 - 22210 - 22270, SL 22135
(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 and took our stoploss without completing any targets. Post that Nifty tested our weekly support and again bounced back to re trigger our weekly long trade and almost reached our initial weekly long targets of 22305 - 22340 with a high of 22297.50
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 22270 - 22300 to move towards its initial weekly long targets of 22395 - 22420
Closing above 22420 Nifty may move towards its last weekly long targets of 22495 - 22585
On the downside:
Nifty has to sustain and close below its weekly support at 22160 - 22125 to move towards its initial weekly short targets of 22035 - 22010
Closing below 22010 Nifty may move towards its last weekly short targets of 21930 - 21840
So far this week Nifty has made a low of 22075.15 breaking below our weekly support of 22160 - 22125 and closed at 22122.05 borderline triggering our weekly short trade. The cbsl for the weekly short trade is 22185. Ideally lets wait for another stronger close below 22125
Now in the coming session Nifty sustaining below 22125 can move towards 22035 - 22010. On the upside Nifty sustaining above 22160 can move towards 22210 - 22240.
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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