In the previous session:
Nifty went down by 37 points then went up by 105 points before closing higher by 43 points on Thursday
Nifty made a new lifetime high of 22783.35 on 30th Apr 2024 from the lows of 7511.10 made on 24th March 2020
On 02nd May:
Nifty triggered our long trade and completed just 1 targets doing 30 points.
For 03rd May:
Sustaining above 22695 can move towards 22720 - 22750 - 22835, SL 22660
(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 22295 and made a high of 22620.40 doing 300+ points but fell short of our last weekly long targets of 22630 - 22670
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 22515 - 22575 to move towards its initial weekly long targets of 22740 - 22780
Closing above 22780 Nifty may move towards its last weekly long targets of 22920 - 23050
On the downside:
Nifty has to sustain and close below its weekly support at 22325 - 22265 to move towards its initial weekly short targets of 22100 - 22060
Closing below 22060 Nifty may move towards its last weekly short targets of 21920 - 21770
So far this week Nifty has made a high of 22783.35 completing our initial weekly long targets of 22740 - 22780 and closed at 22648.20. The stoploss for the weekly long is 22600 on hourly closing basis now.
Now in the coming session Nifty sustaining above 22695 can move towards 22750 - 22835. On the downside Nifty sustaining below 22605 can move towards 22545 - 22460 where it can 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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