In the previous session:
Nifty went down by 36 points then went up by 96 points before closing higher by 76 points on Tuesday
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 27th Feb:
Nifty triggered our long trade and completed 2 targets doing 50 points
For 28th Feb:
Sustaining above 22235 can move towards 22260 - 22285 - 22350, SL 22210
(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 today closed at 22198.35. Ideally lets wait for a stronger close below 22125 to consider a weekly short trade. We may see Nifty trade between our weekly long and short trigger zones in this expiry
Now in the coming session Nifty sustaining below 22160 can move towards 22115 - 22080. On the upside Nifty sustaining above 22235 can move towards 22285 - 22315.
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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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