In the previous session:
Nifty went down by 260 points before closing lower by 246 points on Monday
Nifty made a new lifetime high of 22775.70 on 10th Apr 2024 from the lows of 7511.10 made on 24th March 2020
On 15th Apr:
Nifty opened at our last target and did not give a trade. Had posted revised levels at opening and Nifty traded sideways post opening between our long and short trigger.
For 16th Apr:
Sustaining above 22325 can move towards 22350 - 22390 - 22480, SL 22285
(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 sustaining above 22605 and completed our initial targets till 22700 - 22725 with a high of 22775.70 doing 150 points
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 22590 - 22630 to move towards its initial weekly long targets of 22750 - 22780
Closing above 22780 Nifty may move towards its last weekly long targets of 22880 - 22990
On the downside:
Nifty has to sustain and close below its weekly support at 22450 - 22405 to move towards its initial weekly short targets of 22290 - 22260
Closing below 22260 Nifty may move towards its last weekly short targets of 22155 - 22045
So far this week Nifty has made a low of 22259.55 and closed at 22272.50. We needed a close below 22260 today to carry shorts for the last weekly short targets but since weekly short is triggered we are in a sell on rise towards 22405 - 22450 with a hourly cbsl of 22510.
Now in the coming session Nifty sustaining above 22325 can move towards 22390 - 22480 where it may face resistance. On the downside Nifty sustaining below 22220 can move towards 22155 - 22070 where it has strong 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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