In the previous session:
Nifty went down by 107 points then went up by 113 points before closing higher by 21 points on Wednesday
Nifty made a new lifetime high of 22526.60 on 11th Mar 2024 from the lows of 7511.10 made on 24th March 2020
On 20th Mar:
Nifty triggered our short trade and completed just 1 target and took our stoploss. Post that Nifty reversed to trigger our long trade and again completed just 1 target. It was a sideways day in Nifty
For 21st Mar:
Sustaining above 21895 can move towards 21930 - 21970 - 22070, SL 21855
(One should ideally look to exit near the 2nd target once a trade is triggered)
In the Previous Week:
Nifty triggered our short trade closing below 22340 and almost completed all targets till 22000 - 21850 with a low of 21905.65 doing 400+ points
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 22110 - 22170 to move towards its initial weekly long targets of 22315 - 22355
Closing above 22355 Nifty may move towards its last weekly long targets of 22480 - 22550
On the downside:
Nifty has to sustain and close below its weekly support at 21935 - 21880 to move towards its initial weekly short targets of 21730 - 21690
Closing below 21690 Nifty may move towards its last weekly short targets of 21570 - 21500
So far this week Nifty has made a low of 21710.20 almost completing our initial weekly short targets of 21730 - 21690 on closing below 21880 and recovered to close at 21839. Now the cbsl for the weekly short trade is 22070.
Now in the coming session Nifty sustaining above 21895 can move towards 21970 - 22070 where it can face good resistance. On the downside Nifty sustaining below 21785 can move towards 21710 - 21610 where it may take support.
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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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