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 8770 – 8720 – 8680 - 8630.   [2]  Open long above 8810 with stop loss 8720 for targets  8840 – 8900 – 8930 – 8990.

Nifty opened positive and traded expected. In first half Nifty registered low of 8793.40 than turned up towards 8900 and achieved our 1^st upside target. Nifty registered high of 8913.45 but not succeed to sustained above 8900 in second half. Nifty gained 28 points ( + 0.30 %) and closed in green.

                                  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 8840 – 8900 & 2^nd Res. At 8930 – 8990.

We expect volatility to remains in the market on account of F & O expiry in this week. Hence be cautious and trade carefully.

We still continue with this statement, “ 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. [ 70 % chance ] Other hand if Nifty succeeds to sustain above 8900 then next targets will be 9350/9800 in upcoming weeks. ” [ 30 % chance ]

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  8840 – 8900 – 8930 – 8990.

NIFTY :: OP = 8831.40     , HI = 8913.45 , LO = 8793.40 , CL = 8833.60.