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 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 opened negative and traded expected. In first half Nifty declined very sharp below 8000 and achieved our both down side targets and registered low of 7961.35 Nifty took support near 8000 then turned up and recover all losses and registered high of 8263.45 in second half. Nifty gained 1 points ( - 0.01 %) and closed flat. 

                              

                             For This Week

We expect, Nifty will be traded with negative bias below 8180 and it would be declines towards 8090 – 8000. Other hand above 8180 Nifty will be traded with positive bias and it would be tries to touch 8270 – 8360.  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 = 8160.75     , HI = 8263.45 , LO = 7961.35 , CL = 8225.20.