Weekly Review

JAY SWAMINARAYAN

We said last week   “   Nifty will be traded with negative bias below 7550 and it would be declines towards 7460 – 7370. Other hand above 7550 Nifty will be traded with positive bias and it would be tries to touch 7640 – 7730.   “   We suggested Strategy:   [1]  Open short below 7550 with stop loss 7640 for targets 7490 – 7460 – 7400 - 7370.   [2]  Open long above 7550 with stop loss 7460 for targets  7600 – 7640 – 7690 – 7730.

Nifty opened positive and traded expected. In first half Nifty succeeded to sustain above 7550 and registered high of 7700.05. After that Nifty turned back and declined sharp towards our buying level 7550 and registered low of 7525.25 In second half. Nifty lost 41 points (- 0.54 %) and closed in red.                                                      

                                       For This Week

We expect same for this week, Nifty will be traded with negative bias below 7550 and it would be declines towards 7460 – 7370. Other hand above 7550 Nifty will be traded with positive bias and it would be tries to touch 7640 – 7730.  Nifty have 1^st Sup. at 7490 – 7460 & 2^nd Sup. at 7400 – 7370 and Nifty find 1^st Res. at 7600 – 7640 & 2^nd Res. At 7690 – 7730.

Ø  Plz keep close eye on 7550 level, in any situations if Nifty fails to sustain above 7550 than it will be in big-big trouble in upcoming weeks and it should be decline very wsharp towards 7100. Other hand once Nifty succeeds to move above and sustain above 7550 than it is very good for the market and bright chance for Nifty to register new high in upcoming weeks.

Strategy:

[1]  Open short below 7550 with stop loss 7640 for targets 7490 – 7460 – 7400 - 7370. 

            

                                     

[2]  Open long above 7550 with stop loss 7460 for targets  7600 – 7640 – 7690 – 7730.

NIFTY :: OP = 7621.65 , HI = 7700.05 , LO = 7525.35 , CL = 7542.10.