Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened flat and traded expected. In first half Nifty registered low of 7779.20 than turned up and gave smart rally above 7910.00. Nifty achieved our both upside targets and registered high of 7929.05 in second half.  Nifty gained massive 121 points ( + 1.56 %) and closed in green.

                              

                              For This Week

We expect, Nifty will be traded with negative bias below 7910 and it would be declines towards 7820 – 7730. Other hand above 7910 Nifty will be traded with positive bias and it would be tries to touch 8000 – 8090.  Nifty have 1^st Sup. at 7850 – 7820 & 2^nd Sup. at 7760 – 7730 and Nifty find 1^st Res. at 7960 – 8000 & 2^nd Res. At 8050 – 8090.

We expect volatility to remains in the market on account of F & O expiry in this week. Hence be cautious and trade carefully.

Strategy:

[1]  Open short below 7910 with stop loss 8000 for targets 7850 – 7820 – 7760 - 7730. 

            

                                     

[2]  Open long above 7910 with stop loss 7820 for targets  7960 – 8000 – 8050 – 8090.

NIFTY :: OP = 7785.25 , HI = 7929.05 , LO = 7779.20 , CL = 7913.20.