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
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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