Weekly Review of 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 8320 with stop loss 8410 for targets 8270 – 8230 – 8180 - 8090.   [2]  Open long above 8320 with stop loss 8230 for targets  8360 – 8410 – 8450 – 8500.

Nifty opened positive and traded expected. In first half Nifty registered high of 8334.45 then turned back towards our shorting level and declined sharp below 8200. Nifty achieved our both down side targets and registered low of 8144.75 in second half. Nifty lost 123 points ( - 1.49 %) and closed in red.                                        

                                  For This Week

We expect, Nifty will be traded with negative bias below 8180 and it would be declines towards 8090 – 8000 - 7910. Other hand above 8180 Nifty will be traded with positive bias and it would be tries to touch 8270 – 8360 - 8450.  Nifty have 1^st Sup. at 8140 – 8090 & 2^nd Sup. at 8050 – 8000  3^rd Sup. at 7960 – 7910 and Nifty find 1^st Res. at 8230 – 8270 & 2^nd Res. at 8320 – 8360 & 3^rd Res. at 8410 - 8450.

Strategy:

[1]  Open short below 8180 with stop loss 8270 for targets 8140 – 8090 / 8050 – 8000 / 7960 – 7910. 

                                     

[2]  Open long above 8180 with stop loss 8090 for targets  8230 – 8270 / 8320 – 8360 / 8410 – 8450.

NIFTY :: OP = 8330.55 , HI = 8334.45 , LO = 8144.75 , CL = 8181.50.