Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 – 85.

Nifty opened positive and traded expected. In first half Nifty registered high of 8365.55 but failed to sustain above 8360, So Nifty turned back and declined towards 8270 in second half and registered low of 8290.25. Nifty gained 14 points ( + 0.18 %) and closed in green. 

                              

                             For This Week

We expect, 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.

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 :: OP = 8348.15 , HI = 8365.55 , L0 = 8290.25 , CL = 8337.00.