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 negative and traded expected. In first half Nifty achieved our 1^st upside target but not succeeded to sustain above 8450.00, So Nifty turned back towards our buying level and registered low of 8349.10. Again Nifty achieved our 1^st upside target and registered high of 8489.80 in second half. Nifty gained 87 points ( + 1.04 %) and closed in green. 

                              

                                                              For This Week

We expect, Nifty will be traded with negative bias below 8450 and it would be declines towards 8360 – 8270. Other hand above 8450 Nifty will be traded with positive bias and it would be tries to touch 8540 – 8630.  Nifty have 1^st Sup. at 8410 – 8360 & 2^nd Sup. at 8320 – 8270 and Nifty find 1^st Res. at 8500 – 8540 & 2^nd Res. At 8590 – 8630.

We expect volatility to remains in the market on account of F & O expiry in this week. Hence be cautious and trade carefully.

We continue with our below strategy :

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 8450 with stop loss 8540 for targets 8410 – 8360 – 8320 - 8270. 

                                                 

[2]  Open long above 8450 with stop loss 8360 for targets  8500 – 8540 – 8590 – 8630.

NIFTY :: OP = 8378.40     , HI = 8489.80 , LO = 8349.10 , CL = 8477.35.