In the previous session:
Nifty went up by 30 points then went down by 282 points before closing lower by 247 points on Wednesday
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 28th Feb:
Nifty triggered our short trade and completed all targets doing 110 points and exceeded it further by 135 points
For 29th Feb:
Sustaining above 22000 can move towards 22030 - 22065 - 22160, SL 21965
(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 21915.85 breaking below our weekly support of 22160 - 22125 and reached our last weekly short target zone of 21930 - 21840 and closed at 21951.15. Now one should keep a trailing cbsl of 22060 on hourly for their existing short trade or for sell on rise.
Now in the coming session Nifty sustaining below 21900 can move towards 21840 - 21790. On the upside Nifty sustaining above 22000 can move towards 22065 - 22110.
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