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 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 opened negative and traded expected. In first half Nifty achieved our 1^st upside target and registered high of 7928 but not succeeded to sustain above 7910. After that Nifty turned back towards our shorting level and declined very sharp towards 7730. Nifty achieved our 1^st down side target and registered low of 7723.85 in second half.  Nifty lost 80 points ( - 1.02 %) and closed in red. 

                              

                               For This Week

We expect, Nifty will be traded with negative bias below 7820 and it would be declines towards 7730 – 7640. Other hand above 7820 Nifty will be traded with positive bias and it would be tries to touch 7910 – 8000.  Nifty have 1^st Sup. at 7730 – 7690 & 2^nd Sup. at 7640 – 7600 and Nifty find 1^st Res. at 7820 – 7850 & 2^nd Res. At 7910 – 7940.

Strategy:

[1]  Open short below 7780 with stop loss 7870 for targets 7730 – 7690 – 7640 - 7600. 

            

                                     

[2]  Open long above 7780 with stop loss 7690 for targets  7820 – 7850 – 7910 – 7940.

NIFTY :: OP = 7831.00 , HI = 7928.00 , L0 = 7723.85 , CL = 7779.70.