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 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 opened flat and traded expected. In first half Nifty registered high of 8546.35 then declined very sharp towards 8200 and achieved our both down side targets. Once Nifty breach 8450 it felt very sharp and lost 250 points in 4 trading sessions and registered low of 8216.30 in second half. Nifty lost massive 314 points ( - 3.68 %) and closed week in red. 

                              

                              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 8180 – 8120 & 2^nd Sup. at 8090 – 8030 and Nifty find 1^st Res. at 8270 – 8320 & 2^nd Res. At 8360 – 8410.

Strategy:

[1]  Open short below 8230 with stop loss 8320 for targets 8180 – 8120 – 8090 - 8030. 

                                                 

[2]  Open long above 8230 with stop loss 8120 for targets  8270 – 8320 – 8360 – 8410.

NIFTY :: OP = 8538.65     , HI = 8546.35 , LO = 8216.30 , CL = 8224.10.