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 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 opened positive and traded expected. In first half Nifty registered low of 8214.70 than turned up and gave smart rally towards 8400. Nifty traded with strength & closed all the days of the week in green and registered high of 8410.60 in second half. Nifty gained massive 194 points ( + 2.37 %) and closed in green. 

                              

                                                              For This Week

We expect same, 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 = 8214.70     , HI = 8410.60 , LO = 8214.70 , CL = 8395.45.