Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened with gape up and traded expected. In first half Nifty registered low of 7598.60 than turned up and gave smart rally towards 7800.00. Nifty traded with strength and closed in green all the days of the week and registered high of 7796.70 in second half.  Nifty gained massive 223 points ( + 2.95 %) and closed in green.

                              

                                For This Week

We expect, 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.  Nifty have 1^st Sup. at 7730 – 7690 & 2^nd Sup. at 7640 – 7600 and Nifty find 1^st Res. at 7820 – 7850 & 2^nd Res. At 7910 – 7940.

Strategy:

[1]  Open short below 7780 with stop loss 7850 for targets 7730 – 7690 – 7640 - 7600. 

            

                                     

[2]  Open long above 7780 with stop loss 7690 for targets  7820 – 7850 – 7910 – 7940.

NIFTY :: OP = 7619.85 , HI = 7796.70 , LO = 7598.60 , CL = 7791.70.