Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened positive and traded expected. In first half Nifty gave smart rally towards 9000 and achieved our both upside targets. Nifty registered high of 8996.60 then declined sharp below 8800 and lost all the gains and registered low of 8775.10 in second half. Nifty lost 26 points ( - 0.30 %) and closed in red. 

                              

                              For This Week

We expect same, 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 8770 – 8720 & 2^nd Sup. at 8680 – 8630 and Nifty find 1^st Res. at 8860 – 8900 & 2^nd Res. At 8950 – 8990.

Strategy:

[1]  Open short below 8810 with stop loss 8900 for targets 8770 – 8720 – 8680 - 8630. 

                                                 

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

NIFTY :: OP = 8871.35     , HI = 8996.60 , LO = 8775.10 , CL = 8808.90.