Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened positive and traded with strength during the week. In first half Nifty gave smart rally towards 7190 then consolidate and took support near 7100 before big event. On Friday Nifty climbed above 7500 and registered high of 7563.50 but faced resistance near 7550 so it turned back towards 7100 again.  Nifty gained massive 344 points (+ 5.02 %) and closed in green.                                                      

                                       For This Week

We expect now, Nifty will be traded with negative bias below 7190 and it would be decline towards 7100 – 7010. Other hand above 7190 Nifty will be traded with positive bias and it would be tries to touch 7280 – 7370.  Nifty have 1^st Sup. at 7150 – 7100 & 2^nd Sup. at 7060 – 7010 and Nifty find 1^st Res. at 7240 – 7280 & 2^nd Res. At 7330 – 7330.

Strategy:

[1]  Open short below 7190 with stop loss 7280 for targets 7150 – 7100 – 7060 - 7010. 

            

                                     

[2]  Open long above 7190 with stop loss 7100 for targets  7240 – 7280 – 7330 – 7370.

NIFTY :: OP = 6863.40 , HI = 7563.50 , LO = 6862.90 , CL = 7203.00.