Weekly Review for Nifty

JAY SWAMINARAYAN

We said last week   “   Nifty will be traded with negative bias below 8270 and it would be declines towards 8180 – 8090 - 8000. Other hand above 8270 Nifty will be traded with positive bias and it would be tries to touch 8360 – 8450 - 8540.   “   We suggested Strategy:   [1]  Open short below 8270 with stop loss 8360 for targets 8230 – 8180 / 8140 – 8090 / 8050 – 8000.   [2]  Open long above 8270 with stop loss 8180 for targets  8320 – 8360 / 8410 – 8450 / 8500 – 8540.

Nifty opened positive and traded expected. In first half Nifty registered low of 8271.95 then turned up and gave smart rally towards 8500. Nifty registered high of 8489.55 and achieved our 2^nd upside targets in second half. Nifty gained massive 196 points ( + 2.38 %) and closed in green.   

                                   

                                 For This Week

We expect, Nifty will be traded with negative bias below 8450 and it would be declines towards 8360 – 8270 - 8180. Other hand above 8450 Nifty will be traded with positive bias and it would be tries to touch 8540 – 8630 - 8720.  Nifty have 1^st Sup. at 8410 – 8360 & 2^nd Sup. at 8320 – 8270  3^rd Sup. at 8230 – 8180 and Nifty find 1^st Res. at 8500 – 8540 & 2^nd Res. at 8590 – 8630 & 3^rd Res. at 8680 - 8720.

We expect volatility to remains in the market on account of F & O expiry in this week. Hence be cautious and trade carefully.

Strategy:

[1]  Open short below 8450 with stop loss 8540 for targets 8410 – 8360 / 8320 – 8270 / 8230 – 8180. 

                                                 

[2]  Open long above 8450 with stop loss 8360 for targets  8500 – 8540 / 8590 – 8630 / 8680 – 8720.

NIFTY :: OP = 8284.95     , HI = 8489.55 , LO = 8271.95 , CL = 8458.95.