In the previous session:
Nifty went up by 241 points before closing higher by 172 points on Thursday
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 21st Mar:
Nifty triggered our long trade with a big gap up above our 2nd target. Had shared revised targets before market opened and Nifty triggered our long trade as per that and missed our first target by 10 points and took our stoploss.
For 22nd Mar:
Sustaining above 22075 can move towards 22110 - 22160 - 22270, SL 22030
(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 today gave a strong bounce to close at 22011.95 which is below the weekly short cbsl of 22070. Now since tomorrow is the last trading day for this week , we will keep a cbsl on 75 mins at 22085 for the weekly short trade.
Now in the coming session Nifty sustaining above 22075 can move towards 22160 - 22210 where it can face good resistance. On the downside Nifty sustaining below 21950 can move towards 21865 - 21810 where it may take support.
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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