Weekly Review For Nifty

JAY SWAMINARAYAN

We said last week “  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. “  We suggested 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 opened with gape down and traded expected. In first half Nifty decline sharp and registered low of 8195.65. Nifty took support near 8180 then turned up towards our buying level and gave smart rally towards 8500. Nifty achieved our 1^st upside target and registered high of 8497.75 in second half. Nifty gained 103 points ( + 1.24 % ) and closed in green.

                                     

                                    For This Week

We expect, 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.

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 = 8247.05     , HI = 8497.75 , LO = 8195.65 , CL = 8484.90.