Weekly Review for Nifty

JAY SWAMINARAYAN

We said last week “  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. “  We suggested 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 opened positive and traded expected. In first half Nifty registered low of 8257.40 then turned up and gave smart rally above 8400. Nifty registered high of 8423.15 in second half. Nifty gained massive 156 points ( + 1.90 % ) and closed in green.

                                    

                                  For This Week

We expect, Nifty will be traded with negative bias below 8360 and it would be declines towards 8270 – 8180 – 8090. Other hand above 8360 Nifty will be traded with positive bias and it would be tries to touch 8450 – 8540 - 8630.  Nifty have 1^st Sup. at 8320 – 8270 & 2^nd Sup. at 8230 – 8180  3^rd Sup. at 8140 – 8090 and Nifty find 1^st Res. at 8410 – 8450 & 2^nd Res. at 8500 – 8540 & 3^rd Res. at 8590 - 8630.

Strategy:

[1]  Open short below 8360 with stop loss 8450 for targets 8320 – 8270 / 8230 – 8180 / 8140 – 8090. 

                          

[2]  Open long above 8360 with stop loss 8270 for targets  8410 – 8450 / 8500 – 8540 / 8590 – 8630.

NIFTY :: OP = 8259.30     , HI = 8423.15 , LO = 8257.40 , CL = 8381.10.