Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened positive and traded expected. In first half Nifty registered low of 8573.75 than turned up and gave smart rally towards 8800. Nifty achieved our both upside targets and registered high of 8787.40 in second half. Nifty traded with strength and closed in green all days of the week and gained massive 194 points ( + 2.26 %) and closed in green.

                                 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 8720 – 8680 & 2^nd Sup. at 8630 – 8590 and Nifty find 1^st Res. at 8810 – 8860 & 2^nd Res. At 8900 – 8950.

Strategy:

[1]  Open short below 8770 with stop loss 8860 for targets 8720 – 8680 – 8630 - 8590. 

                                                 

[2]  Open long above 8770 with stop loss 8680 for targets  8810 – 8860 – 8900 – 8950.

NIFTY :: OP = 8615.80     , HI = 8787.40 , LO = 8573.35 , CL = 8780.35.