Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened positive and traded expected. In first half Nifty registered high of 8445.60 than turned back towards out shorting level and declined sharp below 8100. Nifty registered low of 8065.45 and achieved our both down side targets. Nifty took support near 8090 and tried to recover some loss in second half. Nifty lost massive 110 points ( - 1.32 %) and closed in red. 

                              

                                 For This Week

We expect same, 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 8230 – 8180 & 2^nd Sup. at 8140 – 8090 and Nifty find 1^st Res. at 8320 – 8360 & 2^nd Res. At 8410 – 8450.

Strategy:

[1]  Open short below 8270 with stop loss 8360 for targets 8230 – 8180 – 8140 - 8090. 

                                                 

[2]  Open long above 8270 with stop loss 8180 for targets  8320 – 8360 – 8410 – 8450.

NIFTY :: OP = 8407.95     , HI = 8445.60 , LO = 8065.45 , CL = 8284.50.