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 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 opened positive and traded expected. In first half Nifty registered low of 7985.65 than turned up and gave smart rally above 8300. Nifty registered high of 8330.75 in second half. Nifty registered life time high and gained massive 307 points ( + 3.84 %) and closed in green. 

                              

                               For This Week

We expect, Nifty will be traded with negative bias below 8270 and it would be declines towards 8180 – 8090. Other hand above 8270 Nifty will be traded with positive bias and it would be tries to touch 8360 – 8450.  Nifty have 1^st Sup. at 8270 – 8230 & 2^nd Sup. at 8180 – 8140 and Nifty find 1^st Res. at 8360 – 8410 & 2^nd Res. At 8450 – 8500.

This is the small & truncated week with holidays on Tuesday & Thursday so be cautious and trade carefully. Hence we expect volatility to remain in the market.

Strategy:

[1]  Open short below 8320 with stop loss 8410 for targets 8270 – 8230 – 8180 - 8140. 

            

                                     

[2]  Open long above 8320 with stop loss 8230 for targets  8360 – 8410 – 8450 – 8500.

NIFTY :: OP = 8064.35 , HI = 8330.75 , L0 = 7985.65 , CL = 8322.20.