Weekly Review

JAY SWAMINARAYAN

We said last week   “   Nifty will be traded with negative bias below 8540 and it would be declines towards 8450 – 8360. Other hand above 8540 Nifty will be traded with positive bias and it would be tries to touch 8630 – 8720.   “   We suggested Strategy:   [1]  Open short below 8590 with stop loss 8680 for targets 8540 – 8500 – 8450 - 8410.   [2]  Open long above 8590 with stop loss 8500 for targets  8630 – 8660 – 8720 – 8750.

Nifty opened positive and traded expected. In first half Nifty registered low of 8504.65 and achieved our 1^st down side target. Nifty took support near 8500, then turned up and registered high of 8626.95 but faced resistance near 8630 so once again Nifty declined below 8540 in second half. Nifty lost 49 points ( - 0.58 %) and closed in red. 

                              

                              For This Week

We expect, Nifty will be traded with negative bias below 8540 and it would be declines towards 8450 – 8360. Other hand above 8540 Nifty will be traded with positive bias and it would be tries to touch 8630 – 8720.  Nifty have 1^st Sup. at 8480 – 8450 & 2^nd Sup. at 8390 – 8360 and Nifty find 1^st Res. at 8570 – 8630 & 2^nd Res. At 8660 – 8720.

Strategy:

[1]  Open short below 8540 with stop loss 8630 for targets 8480 – 8450 – 8390 - 8360. 

                                                 

[2]  Open long above 8540 with stop loss 8450 for targets  8570 – 8630 – 8660 – 8720.

NIFTY :: OP = 8605.10     , HI = 8626.95 , LO = 8504.65 , CL = 8538.30.