Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened with gape up and traded expected. In first half Nifty registered low of 7856.95 then turned up and gave smart rally above 8000. Nifty registered high of 8031.75 in second half and gained massive 234 points ( + 3.02 %) and closed in green. 

                              

                                 For This Week

We expect, 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 7960 – 7910 & 2^nd Sup. at 7870 – 7820 and Nifty find 1^st Res. at 8030 – 8090 & 2^nd Res. At 8120 – 8180.

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 8000 with stop loss 8090 for targets 7960 – 7910 – 7870 - 7820. 

            

                                     

[2]  Open long above 8000 with stop loss 7910 for targets  8030 – 8090 – 8120 – 8180.

NIFTY :: OP = 7896.95 , HI = 8031.75 , L0 = 7856.95 , CL = 8014.55.