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 high of 8467.15 then turned back and declined sharp below 8100. Nifty registered low of 8056.75 and achieved our all three down side targets in second half. Nifty lost massive 318 points ( - 3.78 % ) and closed in red.

                                                 For This Week

We expect, 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.  Nifty have 1^st Sup. at 8050 – 8000& 2^nd Sup. at 7960 – 7910  3^rd Sup. at 7870 – 7820 and Nifty find 1^st Res. at 8140 – 8180& 2^nd Res. at 8230 – 8270& 3^rd Res. at 8320 - 8360.

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 :: OP = 8417.25     , HI = 8467.15 , LO = 8056.75 , CL = 8114.70.