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 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 opened positive and traded expected. In first half Nifty registered high of 9119.20 and achieved our both upside targets but failed to sustain at higher level. So Nifty declined sharp towards our buying level and registered low of 8849.35 and lost almost all the gains in second half. Nifty gained 35 points ( + 0.4 %) and closed in green.

                             For This Week

We expect same, 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 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 :: OP = 8853.85     , HI = 9119.20 , LO = 8849.35 , CL = 8937.75.