Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested Strategy:   [1]  Open short below 8950 with stop loss 9040 for targets 8900 – 8860 – 8810 - 8770.   [2]  Open long above 8950 with stop loss 8860 for targets  8990 – 9040 – 9080 – 9130.

Nifty opened negative and traded expected. In first half Nifty registered high of 8891.30 then declined sharp below 8700. After that Nifty tried to recover the losses but failed to do so and again decline very sharp and registered low of 8631.75 in second half. Nifty lost massive 290 points ( - 3.24 %) and closed in red.

                                For This Week

We expect, Nifty will be traded with negative bias below 8630 and it would be declines towards 8540 – 8450. Other hand above 8630 Nifty will be traded with positive bias and it would be tries to touch 8720 – 8810.  Nifty have 1^st Sup. at 8590 – 8540 & 2^nd Sup. at 8500 – 8450 and Nifty find 1^st Res. at 8680 – 8720 & 2^nd Res. At 8770 – 8810.

Strategy:

[1]  Open short below 8630 with stop loss 8720 for targets 8590 – 8540 – 8500 - 8450. 

                                                 

[2]  Open long above 8630 with stop loss 8540 for targets  8680 – 8720 – 8770 – 8810.

NIFTY :: OP = 8891.15     , HI = 8891.30 , LO = 8631.75 , CL = 8647.75.