In the previous session:
Nifty went up by 272 points then went down by 130 points before closing higher by 80 points on Thursday
Nifty made a new lifetime high of 22619 on 04th Apr 2024 from the lows of 7511.10 made on 24th March 2020
On 04th Apr:
Nifty opened above our last long target and did not give a trade. Had posted revised targets based on which we got a short trade which completed all targets and gave 100 points and post that Nifty went on trigger our short trade and per levels posted previously too and again completed all targets and did another 100 points. Post that Nifty reversed to trigger our long trade as per previous levels and completed 2 targets doing 50 points. Overall it was highly volatile day with wild swings on both sides
For 05th Apr:
Sustaining above 22550 can move towards 22570 - 22600 - 22660, SL 22525
(One should ideally look to exit near the 2nd target once a trade is triggered)
In the Previous Week:
Nifty triggered our long trade sustaining above 22265 and completed our initial targets till 22435 - 22480 with a high of 22516 doing 200+ points
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 22415 - 22470 to move towards its initial weekly long targets of 22620 - 22655
Closing above 22655 Nifty may move towards its last weekly long targets of 22780 - 22920
On the downside:
Nifty has to sustain and close below its weekly support at 22240 - 22185 to move towards its initial weekly short targets of 22035 - 22000
Closing below 22000 Nifty may move towards its last weekly short targets of 21870 - 21730
So far this week Nifty has made a new life time high of 22619 and also reaching our initial weekly long targets of 22620 - 22655 and made a low of 22303.80 and today closed at 22514.65 confirming our weekly long trade. Since tomorrow is the last day of the week we can keep a hourly cbsl of 22370.
Now in the coming session Nifty sustaining above 22550 can move towards 22600 - 22660. On the downside Nifty sustaining below 22480 can move towards 22430 - 22370 where is has good 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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