Weekly Review

JAY SWAMINARAYAN

We said last week   “   Nifty will be traded with negative bias below 8000 and it would be declines towards 7910 – 7820. Other hand above 8000 Nifty will be traded with positive bias and it would be tries to touch 8090 – 8180.   “   We suggested 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 opened positive and traded expected. In first half Nifty achieved our 1^st upside target and registered high of 8030.90 but not succeeded to sustain above 8000. After that Nifty turned back and decline towards 7910. Nifty lost 23 points ( - 0.29 %) and closed in red in small & truncated week.

                              

                             For This Week

We expect same, Nifty will be traded with negative bias below 8000 and it would be declines towards 7910 – 7820. Other hand above 8000 Nifty will be traded with positive bias and it would be tries to touch 8090 – 8180.  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 = 7978.45 , HI = 8030.90 , L0 = 7923.85 , CL = 7945.55.