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  8860 – 8900 – 8950 – 8990.

Nifty opened negative and traded expected. In first half Nifty registered high of 8840.80 than turned back and declined sharp towards 8630. Nifty traded weak during the week and achieved our both down side targets and registered low of 8645.55 in second half. Nifty lost 147 points ( - 1.70 %) and closed in red. 

                              

                                For This Week

We expect, Nifty will be traded with negative bias below 8720 and it would be declines towards 8630 – 8540. Other hand above 8720 Nifty will be traded with positive bias and it would be tries to touch 8810 – 8900.  Nifty have 1^st Sup. at 8630 – 8590 & 2^nd Sup. at 8540 – 8500 and Nifty find 1^st Res. at 8720 – 8750 & 2^nd Res. At 8810 – 8840.

Strategy:

[1]  Open short below 8680 with stop loss 8770 for targets 8630 – 8590 – 8540 - 8500. 

                                                 

[2]  Open long above 8680 with stop loss 8590 for targets  8720 – 8750 – 8810 – 8840.

NIFTY :: OP = 8802.50     , HI = 8840.80 , LO = 8645.55 , CL = 8661.05.