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 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 opened flat and traded expected. On Monday Nifty registered low of 7441.60 and almost achieved our 1^st down side target. After that Nifty turned up towards our buying level and registered high of 7593.35 and achieved our 1^st upside target. Once again Nifty failed to sustain above 7550 and declined sharp below 7500 in second half. Nifty lost 02 points (- 0.04 %) 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 1^st Sup. at 7490 – 7460 & 2^nd Sup. at 7400 – 7370 and Nifty find 1^st Res. at 7550 – 7600 & 2^nd Res. At 7640 – 7690.

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 would be decline towards 7100.

Strategy:

[1]  Open short below 7510 with stop loss 7600 for targets 7460 – 7400 – 7370 - 7310. 

            

                                     

[2]  Open long above 7510 with stop loss 7400 for targets  7550 – 7600 – 7640 – 7690.

NIFTY :: OP = 7514.00 , HI = 7593.35 , LO = 7441.60 , CL = 7508.80.