Weekly Review

JAY SWAMINARAYAN

We said last week   “   Nifty will be traded with negative bias below 8360 and it would be declines towards 8270 – 8180. Other hand above 8360 Nifty will be traded with positive bias and it would be tries to touch 8450 – 8540.   “   We suggested Strategy:   [1]  Open short below 8360 with stop loss 8450 for targets 8320 – 8270 – 8320 - 8180.   [2]  Open long above 8360 with stop loss 8270 for targets  8410 – 8450 – 8500 – 8540.

Nifty opened positive and traded expected. In first half Nifty registered low of 8380.75 than turned up and gave smart rally towards 8600. Nifty achieved our both upside targets and registered high of 8603.40 in second half. Nifty recovered all losses of the last week and gained massive 244 points ( + 2.94 %) and closed in green.

                                 For This Week

We expect, Nifty will be traded with negative bias below 8540 and it would be declines towards 8450 – 8360. Other hand above 8540 Nifty will be traded with positive bias and it would be tries to touch 8630 – 8720.  Nifty have 1^st Sup. at 8540 – 8500 & 2^nd Sup. at 8450 – 8410 and Nifty find 1^st Res. at 8630 – 8660 & 2^nd Res. At 8720 – 8750.

Strategy:

[1]  Open short below 8590 with stop loss 8680 for targets 8540 – 8500 – 8450 - 8410. 

                                                 

[2]  Open long above 8590 with stop loss 8500 for targets  8630 – 8660 – 8720 – 8750.

NIFTY :: OP = 8390.95     , HI = 8603.40 , LO = 8380.75 , CL = 8586.25.