Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened flat and traded expected. In first half Nifty registered high of 7799.90 than declined sharp below 7640. Nifty achieved our both down side targets and registered low of 7593.90 in second half. Nifty lost massive 187 points ( - 2.41 %) and closed in red.

                              

                                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 – 7800.  Nifty have 1^st Sup. at 7580 – 7550 & 2^nd Sup. at 7490 – 7460 and Nifty find 1^st Res. at 7640 – 7690 & 2^nd Res. At 7730 – 7780.

Ø  Plz keep close eye on 7550 level. If Nifty fails to sustains above 7550 in any situations than it will be in big-big trouble in upcoming Months and it would be decline very sharp towards 7100 – 6650. 

Strategy:

[1]  Open short below 7600 with stop loss 7690 for targets 7580 – 7550 – 7490 - 7460. 

            

                                     

[2]  Open long above 7600 with stop loss 7510 for targets  7640 – 7690 – 7730 – 7780.

NIFTY :: OP = 7792.90 , HI = 7799.90 , LO = 7593.90 , CL = 7602.60.