Weekly Review for Nifty

JAY SWAMINARAYAN

We said last week “  Nifty will be traded with negative bias below 8090 and it would be declines towards 8000 – 7910 - 7820. Other hand above 8090 Nifty will be traded with positive bias and it would be tries to touch 8180 – 8270 - 8360. “  We suggested Strategy:   [1]  Open short below 8090 with stop loss 8180 for targets 8050 – 8000 / 7960 – 7910 / 7870 – 7820.   [2]  Open long above 8090 with stop loss 8000 for targets  8140 – 8180 / 8230 – 8270 / 8320 – 8360.

Nifty opened flat and traded expected. In first half Nifty achieved our 1^st down side target then turned up and tried to recover the loss and registered high of 8163.05 but faced resistance near 8180. So Nifty turned back towards our shorting level and declined sharp below 8000 and achieved our1^st down side target again and registered low of 7940.30 in second half. Nifty lost 131 points ( - 1.62 % ) and closed in red.

                                    

                                                              For This Week

We expect, Nifty will be traded with negative bias below 8000 and it would be declines towards 7910 – 7820 - 7730. Other hand above 8090 Nifty will be traded with positive bias and it would be tries to touch 8090 – 8180 - 8270.  Nifty have 1^st Sup. at 7960 – 7910 & 2^nd Sup. at 7870 – 7820  3^rd Sup. at 7780 – 7730 and Nifty find 1^st Res. at 8050 – 8090 & 2^nd Res. at 8140 – 8180 & 3^rd Res. at 8230 - 8270.

Strategy:

[1]  Open short below 8000 with stop loss 8090 for targets 7960 – 7910 / 7870 – 7820 / 7780 – 7730. 

                          

                                    

[2]  Open long above 8000 with stop loss 7910 for targets  8050 – 8090 / 8140 – 8180 / 8230 – 8270.

NIFTY :: OP = 8124.35     , HI = 8163.05 , LO = 7940.30 , CL = 7982.90.