In the previous session:
Nifty went up by 112 points then went down by 66 points before closing lower by 33 points on Monday
Nifty made a new lifetime high of 22794.70 on 03rd May 2024 from the lows of 7511.10 made on 24th March 2020
On 06th May:
Nifty opened near our 2nd target and did not give a entry. Had shared revised levels post opening on telegram according to which short got triggered and we completed 2 targets doing 60 points
For 07th May:
Sustaining above 22490 can move towards 22520 - 22550 - 22640, SL 22455
(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 22575 and made a high of 22794.70 doing 200 points completing our initial weekly long targets
Now for this week:
On the upside:
Nifty has to sustain and close above its weekly resistance at 22560 - 22610 to move towards its initial weekly long targets of 22750 - 22790
Closing above 22790 Nifty may move towards its last weekly long targets of 22910 - 23040
On the downside:
Nifty has to sustain and close below its weekly support at 22390 - 22340 to move towards its initial weekly short targets of 22200 - 22160
Closing below 22160 Nifty may move towards its last weekly short targets of 22040 - 21910
So far this week Nifty has made a high of 22588.80 testing our weekly resistance zone and made a low of 22409.45 and closed at 22442.70.
Now in the coming session Nifty sustaining above 22490 can move towards 22550 - 22610 where it may face resistance. On the downside Nifty has support at 22390 - 22340 and has to sustain below it for a move towards 22250 - 22200
In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".
Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours.
To receive this post daily in your inbox, kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.
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
No comments:
Post a Comment