Weekly Review

JAY SWAMINARAYAN

We said last week   “   Nifty will be traded with negative bias below 7190 and it would be declines towards 7100 – 7010. Other hand above 7190 Nifty will be traded with positive bias and it would be tries to touch 7280 – 7370.   “   We suggested 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 opened positive and traded expected. In first half Nifty registered low of 7193.55 then turned up and gave smart rally towards 7370.00. Nifty achieved our both upside targets and registered high of 7381.00 In second half. Nifty gained massive 164 points (+ 2.28 %) and closed in green. 

               

                                      

                                For This Week

We expect now, Nifty will be traded with negative bias below 7370 and it would be declines towards 7280 – 7190. Other hand above 7370 Nifty will be traded with positive bias and it would be tries to touch 7460 – 7550.  Nifty have 1^st Sup. at 7310 – 7280 & 2^nd Sup. at 7220 – 7190 and Nifty find 1^st Res. at 7400 – 7460 & 2^nd Res. At 7490 – 7550.

We expect volatility to remains in the market on account of F & O expiry in this week. Hence be cautious and trade carefully.

Strategy:

[1]  Open short below 7370 with stop loss 7460 for targets 7310 – 7280 – 7220 - 7190. 

            

                                     

[2]  Open long above 7370 with stop loss 7280 for targets  7400 – 7460 – 7490 – 7550.

NIFTY :: OP = 7276.85 , HI = 7381.00 , LO = 7193.55 , CL = 7367.10.