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  8140 – 8180 – 8230 – 8270.

Nifty opened negative and traded expected. In first half Nifty declined sharp and registered low of 7925.25 and achieved our both down side targets. After that Nifty turned up towards our buying level and gave smart rally towards 8160. Nifty almost achieved our 1^st upside target and registered high of 8160.90 in second half. Nifty gained 15 points ( + 0.20 %) 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.

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 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 = 8070.35 , HI = 8160.90 , L0 = 7925.15 , CL = 8121.45.