WEEKLY REVIEW

JAY SWAMINARAYAN

We said last week   “   Nifty will be traded with negative bias below 6740 and it would be decline towards 6650 – 6560. Other hand above 6740 Nifty will be traded with positive bias and it would be tries to touch 6830 – 6920.   “   We suggested Strategy:   [1]  Open short below 6700 with stop loss 6790 for targets 6650 – 6610 – 6560 - 6520.  [2]  Open long above 6700 with stop loss 6610 for targets  6740 – 6790 – 6830 – 6880.

Nifty opened negative and traded weak in first half and registered low of 6638.55. Nifty took support near 6650 then turned up towards our buying level and gave smart rally towards 6880 on Friday. Nifty traded with strength and achieved our both upside targets and registered high of 6871.55 in second half. Nifty gained massive 164 points (+ 2.40 %) and closed in green.                                                      

                                        For This Week

We expect now, Nifty will be traded with negative bias below 6830 and it would be decline towards 6740 – 6650. Other hand above 6830 Nifty will be traded with positive bias and it would be tries to touch 6920 – 7010.  Nifty have 1^st Sup. at 6770 – 6740 & 2^nd Sup. at 6680 – 6650 and Nifty find 1^st Res. at 6880 – 6920 & 2^nd Res. At 6970 – 7010.

Strategy:

[1]  Open short below 6830 with stop loss 6920 for targets 6770 – 6740 – 6680 - 6650. 

            

                                     

[2]  Open long above 6830 with stop loss 6740 for targets  6880 – 6920 – 6970 – 7010.

NIFTY :: OP = 6681.65 , HI = 6871.35 , LO = 6638.55 , CL = 6858.80.