In the previous session :

Nifty went up by 120 points then went down by 86 points before closing lower by 17 points on Thursday.

Nifty made a new life time high of 18604.45 in this upmove from the lows of 7511.10 made on 24th March 2020

On 17th Feb :-

Nifty triggered our long trade and took our stoploss . Post that Nifty traded the entire session between our long and short trigger range indicating indecisiveness.

For 18th Feb :-

Sustaining above 17450 enter for 17485 – 17560 – 17770 , SL 17340

Sustaining below 17160 enter for 17125 – 17045 – 16835 , SL 17270

Now for this week :

Nifty has to break and sustain above 17500 – 17575 where it has its initial resistance to move towards next targets of 17785 – 17840 . Sustaining or closing above 17840 Nifty may move towards further targets of 18020 – 18220.

Nifty has to break and sustain below 17250 – 17175 where it has its initial support to move towards next targets of 16965 – 16910 . Sustaining or closing below 16910 Nifty may move towards further targets of 16730 – 16530 .

So far this week Nifty has made a low of 16809.65 breaking below our next targets zone of 16965 – 16910 and had also closed below it. Post that Nifty bounced back to make a high of 17490.60 in the previous session and corrected till 17235 to close to close at 17304.60  . The fall and rise both are based on new flows. Now Nifty needs to sustain above 17370 for a move towards 17470 – 17500 . On the downside Nifty has immediate support at 17240 – 17150 zone which it needs to break and sustain below for a move towards 17070 – 16850 zone else holding the support we can see it bounce back.

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Disclaimer : These are my personal views and one should do their own research 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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