Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened positive and traded expected. In first half Nifty registered low of 7862.45 than turned up towards 7960.00. Nifty traded range bound in F & O expiry week and registered high of 7968.25 in second half.  Nifty gained 41 points ( + 0.52 %) and closed in green.

                              

                             For This Week

We expect same, 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 7910 – 7870 & 2^nd Sup. at 7820 – 7780 and Nifty find 1^st Res. at 8000 – 8030 & 2^nd Res. At 8090 – 8120.

Strategy:

[1]  Open short below 7960 with stop loss 8050 for targets 7910 – 7870 – 7820 - 7780. 

            

                                     

[2]  Open long above 7960 with stop loss 7870 for targets  8000 – 8030 – 8090 – 8120.

NIFTY :: OP = 7931.75 , HI = 7968.25 , LO = 7862.45 , CL = 7954.35.