Weekly Review

JAY SWAMINARAYAN

We said last week   “   Nifty will be traded with negative bias below 7730 and it would be declines towards 7640 – 7550. Other hand above 7730 Nifty will be traded with positive bias and it would be tries to touch 7820 – 7910.   “   We suggested Strategy:   [1]  Open short below 7730 with stop loss 7820 for targets 7690 – 7640 – 7600 - 7550.   [2]  Open long above 7730 with stop loss 7640 for targets  7760 – 7820 – 7850 – 7910.

Ø  Complete mirror effect of last week.                    

Nifty opened positive and traded expected. In first half Nifty registered high of 7808.85 but faced resistance near 7820. After that Nifty turned back towards our shorting level and declined very sharp towards 7550 and achieved our both down side targets on Wednesday. On Thursday (announcement of Union Budget day) Nifty registered low at 7479.05 than turned up towards our shorting level 7730 and registered high of 7731.05 then once again Nifty declined very sharp towards 7550 and registered low of 7537.25 and achieved our both down side targets on same day. Thus Nifty achieved our both down side targets twice in the week. Nifty registered low of 7447.20 in second half and lost massive 292 points ( - 3.77 %) and closed in red.

                              

                                 For This Week

We expect, Nifty will be traded with negative bias below 7460 and it would be declines towards 7370 – 7280. Other hand above 7460 Nifty will be traded with positive bias and it would be tries to touch 7550 – 7640.  Nifty have 1^st Sup. at 7420 – 7370 & 2^nd Sup. at 7330 – 7280 and Nifty find 1^st Res. at 7490 – 7550 & 2^nd Res. At 7580 – 7640.

Strategy:

[1]  Open short below 7460 with stop loss 7550 for targets 7420 – 7370 – 7330 - 7280. 

            

                                     

[2]  Open long above 7460 with stop loss 7370 for targets  7490 – 7550 – 7580 – 7640.

NIFTY :: OP = 7780.40 , HI = 7808.85 , LO = 7447.20 , CL = 7459.60.