WEEKLY REVIEW

JAY SWAMINARAYAN

[1]  We said on 28 March 2011 when Nifty closed at  5687.25  “  We expect after 1^st or 2^nd week of May 2011 Nifty register new low and go very below it.  “

[2]  We said on 17 April 2011 when Nifty closed at 5824.55   “  After 1^st or 2^nd week of May 2011 we will see more down side levels and 5000 is possible target.  “

We said  “  We expect  below 5300 Nifty will be traded with negative bias and once again Nifty try to test recent low but it will be find strong support between 5120 - 5030. Once nifty test this levels than it will be turn back towards 5210 - 5300 levels. Nifty find 1st Sup at 5210 - 5120 & 2nd Sup at 5030 -4940  and find 1st Res at 5300 - 5390 & 2nd Res at 5440 - 5480. “   Nifty traded expected and made new low of 4946.45 near our 2^nd support  4940 then Nifty turned up towards  5204 near our 1^st target 5210 but failed to sustained the gain and closed in red.

We expect above 5030 Nifty will be traded with positive bias and try to touch 5210 – 5300 levels once again. Now Nifty should be traded in range 4850 – 5480 and  try to stable between 5030 – 5210 levels in this week. Nifty will be give Monthly close between 5000 – 5100. Nifty find 1^st Sup at 5030 – 4940 & 2^nd Sup at 4850 – 4760 and find 1^st Res at 5120 – 5210 & 2^nd Res at 5300 – 5390. Due to U S A and Europe Debt Crisis our market also fill pressure.

NIFTY  :: OP = 5083.85 , HI = 5204.20 , LO = 4946.45 , CL = 5072. 95.