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 negative and traded expected. In first half Nifty achieved our 1^st down side target and registered low of 7815.75. Nifty took support at 7820 after that Nifty turned up and rallied towards our shorting level 7960 and registered high of 7972.35. Once again below our shorting level Nifty declined very sharp towards 7850 in second half.  Nifty lost 85 points ( - 1.08 %) and closed in red.  

                               

                               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 7820 – 7780 & 2^nd Sup. at 7730 – 7690 and Nifty find 1^st Res. at 7910 – 7940 & 2^nd Res. At 8000 – 8030.

Strategy:

[1]  Open short below 7870 with stop loss 7960 for targets 7820 – 7780 – 7730 - 7690. 

            

                                     

[2]  Open long above 7870 with stop loss 7780 for targets  7910 – 7940 – 8000 – 8030.

NIFTY :: OP = 7897.40 , HI = 7972.35 , L0 = 7815.75 , CL = 7859.95.