Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened positive and traded expected. In first half Nifty registered high of 8844.80 and achieved our 1^st upside target. After that Nifty turned back towards our shorting level and declined sharp below 8600. Nifty achieved our both down side targets and registered low of 8596.70 in second half. Nifty lost 174 points ( - 1.99 %) 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 = 8801.75     , HI = 8844.80 , LO = 8596.70 , CL = 8606.00.