Weekly Review

JAY SWAMINARAYAN

We said last week   “   Nifty will be traded with negative bias below 8090 and it would be declines towards 8000 – 7910. Other hand above 8090 Nifty will be traded with positive bias and it would be tries to touch 8180 – 8270.   “   We suggested Strategy:   [1]  Open short below 8090 with stop loss 8180 for targets 8050 – 8000 – 7960 - 7910.   [2]  Open long above 8090 with stop loss 8000 for targets  8120 – 8180 – 8210 – 8270.

Nifty opened positive and traded expected. In first half Nifty registered high of 8180.20 but not succeeded to close above it. So Nifty turned back and declined towards 8050.00 and registered low of 8057.30 in second half.  Anyhow Nifty succeeded to close above 8100 and gained 18 points ( + 0.23 %) and closed in green.

                              

                                For This Week

We expect same, Nifty will be traded with negative bias below 8090 and it would be declines towards 8000 – 7910. Other hand above 8090 Nifty will be traded with positive bias and it would be tries to touch 8180 – 8270.  Nifty have 1^st Sup. at 8050 – 8000 & 2^nd Sup. at 7960 – 7910 and Nifty find 1^st Res. at 8140 – 8180 & 2^nd Res. At 8230 – 8270.

Strategy:

[1]  Open short below 8090 with stop loss 8180 for targets 8050 – 8000 – 7960 - 7910. 

            

                                     

[2]  Open long above 8090 with stop loss 8000 for targets  8140 – 8180 – 8230 – 8270.

NIFTY :: OP = 8132.95 , HI = 8180.20 , L0 = 8057.30 , CL = 8105.50.