Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened positive and traded expected. Nifty registered high of 7504.00 and faced resistance near 7550 in first half. After that Nifty turned back towards our shorting level and declined sharp towards 7100 once again. Nifty achieved our both down side targets and registered low of 7118.45 In second half. Nifty lost massive 137 points (- 1.86 %) and closed in red.                                                      

                             For This Week

We expect now, 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.  Nifty have 1^st Sup. at 7150 – 7100 & 2^nd Sup. at 7060 – 7010 and Nifty find 1^st Res. at 7280 – 7310 & 2^nd Res. At 7370 – 7400.

Strategy:

[1]  Open short below 7240 with stop loss 7330 for targets 7190 – 7150 – 7100 - 7060. 

            

                                     

[2]  Open long above 7240 with stop loss 7150 for targets  7280 – 7310 – 7370 – 7400.

NIFTY :: OP = 7428.75 , HI = 7504.00 , LO = 7118.45 , CL = 7229.95.