In the previous session:
Nifty went down by 132 points then went up by 140 points before closing higher by 118 points on Wednesday
Nifty made a new lifetime high of 22497.20 on 06th Mar 2024 from the lows of 7511.10 made on 24th March 2020
On 06th Mar:
Nifty triggered our short trade and almost completed 2 targets doing 75 points and took our trailing stoploss. Post that Nifty reversed to trigger our long trade and again completed 2 targets doing 75 points
For 07th Mar:
Sustaining above 22535 can move towards 22570 - 22615 - 22720, SL 22490
(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 on sustaining/closing below 22010 and almost completed all our short targets till 21930 - 21840 with a low of 21860.65.
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 22445 - 22510 to move towards its initial weekly long targets of 22690 - 22735
Closing above 22735 Nifty may move towards its last weekly long targets of 22890 - 23060
On the downside:
Nifty has to sustain and close below its weekly support at 22235 - 22170 to move towards its initial weekly short targets of 21990 - 21945
Closing below 21945 Nifty may move towards its last weekly short targets of 21790 - 21620
So far this week Nifty has now made a low of 22224.35 testing its weekly support zone and bounced back sharply to make a high of 22497.20 today and closed at 22474.05 in our weekly resistance zone. So far Nifty is still trading sideways this week and is yet to trigger a weekly positional trade
Now in the coming session Nifty sustaining above 22535 has immediate resistance at 22615 - 22670. On the downside Nifty sustaining below 22415 can move towards 22335 - 22280
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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