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 – 7800.   “   We suggested 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 opened positive and traded expected. In first half Nifty registered high of 7752.45 than turned back towards our shorting level and declined sharp towards 7550. Nifty achieved our 1^st down side target and registered low of 7540.10 in second half. Nifty lost 34 points ( - 0.45 %) and closed in red.

                              

                                 For This Week

We expect, 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 7510 – 7460 & 2^nd Sup. at 7420 – 7370 and Nifty find 1^st Res. at 7580 – 7640 & 2^nd Res. At 7670 – 7730.

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 7550 with stop loss 7640 for targets 7510 – 7460 – 7420 - 7370. 

            

                        

[2]  Open long above 7550 with stop loss 7460 for targets  7580 – 7640 – 7670 – 7730.

NIFTY :: OP = 7639.55 , HI = 7752.45 , LO = 7540.10 , CL = 7568.55.