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 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 opened positive and traded expected. In first half Nifty registered low of 8236.65 than turned up towards out buying level and gave smart rally above 8500 after RBI declared 0.25 points cut in Repo rate. Nifty registered high of 8530.75 and achieved our both upside targets in second half. Nifty gained massive 229 points ( + 2.77 %) and closed in green. 

                              

                                  For This Week

We expect, 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.  Nifty have 1^st Sup. at 8500 – 8450 & 2^nd Sup. at 8410 – 8360 and Nifty find 1^st Res. at 8570 – 8630 & 2^nd Res. At 8660 – 8720.

Strategy:

[1]  Open short below 8540 with stop loss 8630 for targets 8500 – 8450 – 8410 - 8360. 

                                                 

[2]  Open long above 8540 with stop loss 8450 for targets  8570 – 8630 – 8660 – 8720.

NIFTY :: OP = 8291.35     , HI = 8530.75 , LO = 8236.65 , CL = 8513.80.