Nifty - This Week

已更新

Nifty Opened Exactly where it closed 2 Weeks back - 17094.35

My short-term bias -- Nifty will trend up first comfortably, at least till 17320 levels, and if 17320 resistance is broken, you can see nifty headed to 17500.

Downside targets are marked as well in case the index falls below week's opening level.

Good luck everyone. Will keep updating my views for the day.

These are just my views, not a recommendation. Trade at your own risk, and try to keep a stop loss.

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Try not to trade for sometime, till the 2 Hour candle closes. Hoping to get some clarity by then.

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Positive Bias Confirmed.

Long as long as Nifty stays above 17125. Short if the index goes below 17094.35 -

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First target around 17210.

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17210 done. Updated Target 17223. Stop loss 17200.

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Now 17223 level is the key. Short below this level. Long above it. It's that simple.

Long Target - 17247, 17265

Short Target - 17147.

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17247, 17265 - Both done.

So, 17320 should be the next target. 17314 was last week's close. Should book profits at this level.

Nifty may as well take a small breather before trending up. So, keep a strict stop loss and enter at a lower level if that happens.

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Time to go long.

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As long as Nifty stays above 17150, you can hold your longs. I was expecting 17196 level to support Nifty.

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CMP - 17220. Around 50 mins left for market to close. I would close longs and return tomorrow.

Hoping to enter long at a lower level tomorrow.

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Just to add - still holding positive bias. What happens overnight today in other markets, may change my bias.

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Index opening 17256.

May retrace a bit before resuming uptrend - i would avoid longs in the initial 5-10 mins

Long above 17223. Short below this level.

Long Targets 17247/ 17265 / 17320.

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If you short keep booking small profits. Keep a strict SL

Would be comfortable to hold shorts only if index falls below 17094.

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Cmp 17136. Go long..and stay long. SL 17094.

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Update:

17094 - short below this level
17223 - go long above this level.

Currently I'm not that positive about uptrend like I was yesterday or in the morning. So, would book short profits in between 17094 & 17223.

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16940-16950 levels may act as support now. If that happens you can expect nifty to have a weak bounce to 17000 / 17080 levels.

In case that level's broken, the recent low of 16748 will be tested.

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Brief notes for tomorrow (will update after 9 AM)

Support Zones for the Index
1. 16940-16950
2. 16878-16888

Resistance Zones/Levels
In addition to 17000,
1. 17060 - 17065
2. 17088

As long as Nifty stays below 17094.35 (week's start), I will continue maintaining negative bias, and change my view if the index goes above it.

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Nifty opened positive and the resistance level 17065 is tested.

Previous comment is still valid.

Tomorrow's expiry, so there will be volatility..keep stoploss to your trades.

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I've a new post for Expiry Day. Updates will be provided there.

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