Weekly Review for Nifty

JAY SWAMINARAYAN

We said last week “  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. “  We suggested 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 opened negative and traded expected. In first half Nifty registered low of 8270.15 and achieved our 2^nd down side targets. Nifty took support at 8270 then turned up and tried to recover the losses and registered high of 8443.90 in second half. Nifty lost 25 points ( - 0.30 % ) and closed in red.

                                    

                                                              For This Week

We expect same, 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 RBI Monetary policy on Tuesday. So be cautious and trade carefully in this week.

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 = 8438.15 , HI = 8443.90 , LO = 8270.75 , CL = 8433.65.

[Note :: Sorry friends, for inconvenience. We missed out posting of our Weekly Review on last Sunday due to some personal reason & Nifty’s levels are same]