Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened positive and traded expected. In first half Nifty registered low of 7422.15 and took support at 7420 than turned up towards our buying level and gave smart rally above 7640. Nifty hit our sl of 7550 and registered high of 7685 in second half. Nifty gained massive 204 points ( + 2.74 %) and closed in green.

We post our weekly review regularly from last four year and this was happen only 4^th time that Nifty hit our stop loss.

                              

                               For This Week

We expect, Nifty will be traded with negative bias below 7640 and it would be declines towards 7550 – 7460. Other hand above 7640 Nifty will be traded with positive bias and it would be tries to touch 7730 – 7820.  Nifty have 1^st Sup. at 7580 – 7550 & 2^nd Sup. at 7490 – 7460 and Nifty find 1^st Res. at 7670 – 7730 & 2^nd Res. At 7760 – 7820.

Strategy:

[1]  Open short below 7640 with stop loss 7730 for targets 7580 – 7550 – 7490 - 7460. 

            

                                     

[2]  Open long above 7640 with stop loss 7550 for targets  7670 – 7730 – 7760 – 7820.

NIFTY :: OP = 7469.00 , HI = 7685.00 , LO = 7422.15 , CL = 7663.90.