Weekly Review for Nifty

JAY SWAMINARAYAN

We said last week “  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. “  We suggested 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 opened flat and traded expected. In first half Nifty registered low of 7944.85 then turned up towards our buying level and gave smart rally towards 8270. Nifty achieved our all three upside targets and registered high of 8250.80 in second half. Nifty gained massive 242 points ( + 3.03 % ) and closed in green.

                                    

                               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 8180 – 8140 & 2^nd Sup. at 8090 – 8050  3^rd Sup. at 8000 – 7960 and Nifty find 1^st Res. at 8270 – 8320 & 2^nd Res. at 8360 – 8410 & 3^rd Res. at 8450 - 8500.

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 8230 with stop loss 8320 for targets 8180 – 8140 / 8090 – 8050 / 8000 – 7960. 

                          

                                    

[2]  Open long above 8230 with stop loss 8140 for targets  8270 – 8320 / 8360 – 8410 / 8450 – 8500.

NIFTY :: OP = 7986.60     , HI = 8250.80 , LO = 7944.85 , CL = 8224.95.