WEEKLY REVIEW

JAY SWAMINARAYAN

We said last week   “   Nifty will be traded with negative bias below 8360 and it would be declines towards 8270 – 8180. Other hand above 8360 Nifty will be traded with positive bias and it would be tries to touch 8450 – 8540.   “   We suggested Strategy:   [1]  Open short below 8360 with stop loss 8450 for targets 8320 – 8270 – 8230 - 8180.   [2]  Open long above 8360 with stop loss 8270 for targets  8410 – 8450 – 8500 – 8540.

Nifty opened flat and traded expected. In first half Nifty registered high of 8415.05 but failed to sustain above 8410.00, So Nifty turned back and declined towards 8300 in second half and registered low of 8304.45. Nifty gained 52 points ( + 0.63 %) and closed in green. 

                              

                              For This Week

We expect same, Nifty will be traded with negative bias below 8360 and it would be declines towards 8270 – 8180. Other hand above 8360 Nifty will be traded with positive bias and it would be tries to touch 8450 – 8540.  Nifty have 1^st Sup. at 8320 – 8270 & 2^nd Sup. at 8230 – 8180 and Nifty find 1^st Res. at 8410 – 8450 & 2^nd Res. At 8500 – 8540.

1. Ø  Plz keep close eye on 8450 level, in any situations if Nifty fails to cross and sustains above 8450 than it will be in big-big trouble in upcoming weeks. “   Nifty find strong resistance near 8450 so use this opportunity to open Short with Sl 8540 for minimum 400 – 800 points downfall.. “

[1]  Open short below 8360 with stop loss 8450 for targets 8320 – 8270 – 8230 - 8180. 

                                

                 

[2]  Open long above 8360 with stop loss 8270 for targets  8410 – 8450 – 8500 – 8540.

NIFTY :: OP = 8337.80     , HI = 8415.05 , LO = 8304.45 , CL = 8389.90.