WEEKLY REVIEW

JAY SWAMINARAYAN

 

We said last week  “  We expect in this week Nifty have a strong resistance at 5120. Below 5030 Nifty will be traded with negative bias and heading towards 4940 – 4850. We suggested     Strategy:    [1] Open your short near 5030 in this week with strict stop loss 5120 for tgt 4940 – 4850.  [ 60 % Probability ]               [2] Open your long if Nifty sustains above 5120 for 2 days with strict sl 5030 for tgt 5210 – 5260.  [ 40 % Probability ]  “

Nifty traded expected and achieved our 1^st down side tgt after opened weak. Nifty was taken support at 4940 then it turned back towards 5170. But Nifty was not able to crossed 5170 and not succeed to held gain and declined towards 5060. Nifty wiped out all its weekly gain at the last trading day of the week.

                                                                 For This Week

We expect now 5030 is very crucial level for the Nifty. In this week below 5030 Nifty will be traded with negative bias and heading towards 4940 – 4850.. Other hand above 5030 Nifty will be traded with positive bias.  Above 5030 once again Nifty tries to test 5120 – 5210. In this week Nifty find 1^st up at 5030 – 4940 & 2^nd  at 4900 – 4850 and 1^st  Res at 5080 – 5120 & 2^nd at 5170 – 5210.

Strategy :

[1] Open your short below 5030 with stop loss of 5120 for tgt 4940 -4850.      [We give 60 % to this Probability]

[2] Open your long above 5030 with stop loss of 4940 for tgt 5120 – 5210.   [We give 40 % to this Probability]

NIFTY :: OP = 4998.90 , HI = 5169.25 , LO = 4942.90 , CL = 5059.45.