Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   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 positive and traded expected. In first half Nifty registered high of 8364.75 and achieved our 1^st upside target. After that Nifty declined very sharp towards 8180 and registered low of 8147.95 in second half. Nifty lost 24 points ( - 0.30 %) and closed in red. 

                             

                              For This Week

We expect same, 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 8120 – 8090 & 2^nd Sup. at 8030 – 8000 and Nifty find 1^st Res. at 8230 – 8270 & 2^nd Res. At 8320 – 8360.

Strategy:

[1]  Open short below 8180 with stop loss 8270 for targets 8120 – 8090 – 8030 - 8000. 

                                                 

[2]  Open long above 8180 with stop loss 8090 for targets  8230 – 8270 – 8320 – 8360.

NIFTY :: OP = 8255.00     , HI = 8364.75 , LO = 8147.95 , CL = 8200.70.