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 volatile as expected. In first half Nifty registered low of 8669.45 and achieved our 1^st down side target. After that Nifty turned up towards our buying level and gave smart rally above 8900. Nifty achieved our 1^st upside target and registered high of 8941.10. In second half. Nifty gained 68 points ( + 0.8 %) and closed in green.

                                For This Week

We expect, Nifty will be traded with negative bias below 8900 and it would be declines towards 8810 – 8720. Other hand above 8900 Nifty will be traded with positive bias and it would be tries to touch 8990 – 9080.  Nifty have 1^st Sup. at 8860 – 8810 & 2^nd Sup. at 8770 – 8720 and Nifty find 1^st Res. at 8950 – 8990 & 2^nd Res. At 9040 – 9080.

We still continue with this statement, “ Plz keep close eye on 8900 level, in any situations if Nifty fail to sustains above 8900 than it will be in big-big trouble in upcoming weeks and it would be declines sharp towards 8450/8000. Other hand if Nifty succeeds to sustain above 8900 then next targets will be 9350/9800 in upcoming weeks. ”

Strategy:

[1]  Open short below 8900 with stop loss 8990 for targets 8860 – 8810 – 8770 - 8720. 

                                                 

[2]  Open long above 8900 with stop loss 8810 for targets  8950 – 8990 – 9040 – 9080.

NIFTY :: OP = 8856.85     , HI = 8941.10 , LO = 8669.45 , CL = 8901.85.