Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened positive and traded expected. In first half Nifty registered low of 7674.00 than gave smart rally towards 7820.00 and registered high of 7840.95. Nifty faced resistance at 7820 and not succeeded to close above 7820 in second half. Nifty gained massive 126 points ( + 1.65 %) and closed in green.

                              

                                For This Week

We expect, Nifty will be traded with negative bias below 7820 and it would be declines towards 7730 – 7640. Other hand above 7820 Nifty will be traded with positive bias and it would be tries to touch 7910 – 8000.  Nifty have 1^st Sup. at 7760 – 7730 & 2^nd Sup. at 7670 – 7640 and Nifty find 1^st Res. at 7850 – 7910 & 2^nd Res. At 7940 – 8000.

This is the small & truncated week with holiday on Tuesday and also the F & O expiry in this week so be cautious and trade carefully. Hence we expect volatility to remain in the market.

Strategy:

[1]  Open short below 7820 with stop loss 7910 for targets 7760 – 7730 – 7670 - 7640. 

            

                                     

[2]  Open long above 7820 with stop loss 7730 for targets  7850 – 7910 – 7940 – 8000.

NIFTY :: OP = 7701.65 , HI = 7840.95 , LO = 7674.00 , CL = 7790.45.