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 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 opened positive and traded expected. In first half Nifty registered low of 7239.50 at our buying level and then turned up and gave smart rally above 7550. Nifty achieved our both upside targets and registered high of 7592.70 In second half. Nifty gained massive 353 points (+ 4.89 %) and closed in green.                                                      

                                     For This Week

We expect now, 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 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 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 = 7264.05 , HI = 7592.70 , LO = 7239.50 , CL = 7583.40.