WEEKLY REVIEW

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened positive and traded expected. In first half Nifty registered low of 8531.50 than turned up and gave smart rally above 8800. Nifty achieved our both upside targets and registered high of 8866.40 a new life time high in second half. Nifty gained massive 321 points ( +3.78 %) and closed in green. 

                              

                               For This Week

We expect, Nifty will be traded with negative bias below 8810 and it would be declines towards 8720 – 8630. Other hand above 8810 Nifty will be traded with positive bias and it would be tries to touch 8900 – 8990.  Nifty have 1^st Sup. at 8750 – 8720 & 2^nd Sup. at 8660 – 8630 and Nifty find 1^st Res. at 8860 – 8900 & 2^nd Res. At 8950 – 8990.

This is the small & truncated week with holiday on Monday and also the F & O expiry in this week so be cautious and trade carefully. Hence we expect volatility to remain in the market.

Ø  Plz keep close eye on 8900 level, in any situations if Nifty fails to cross and sustains above 8900 than it will be in big-big trouble in upcoming weeks and declines sharp towards 8450/8000.

Strategy:

[1]  Open short below 8810 with stop loss 8900 for targets 8750 – 8720 – 8660 - 8630. 

                                                 

[2]  Open long above 8810 with stop loss 8720 for targets  8860 – 8900 – 8950 – 8990.

NIFTY :: OP = 8550.05     , HI = 8866.40 , LO = 8531.50 , CL = 8835.60.