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 negative and traded expected. In
first half Nifty declined below 7500 and registered low of 7487.55. Nifty
almost achieved our 1st down side then turned up towards our buying
level and gave rally above 7650. Nifty achieved our 1st upside
target and registered high of 7663 in second half but failed to retain the gains.
So once again Nifty declined sharp below 7550. Nifty lost 30 points (- 0.41 %) and closed in red.
For This Week
We expect same, 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 1st
Sup. at 7490 – 7460 & 2nd Sup. at 7400 – 7370 and Nifty find 1st
Res. at 7550 – 7600 & 2nd Res. At 7640 – 7690.
We expect volatility to remains
in the market on account of F & O
expiry in this week. Hence be cautious and
trade carefully.
We continue
with below statement
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 sharp 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 7510 with stop loss 7600 for targets 7460 – 7420 – 7370 -
7330.
[2] Open
long above 7510 with stop loss 7420 for targets
7550 – 7600 – 7640 – 7690.
NIFTY :: OP = 7534.80 , HI = 7663.00 , LO =
7487.55 , CL = 7511.45.
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