WEEKLY REVIEW

JAY SWAMINARAYAN

We said  last week  “  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. . We suggested     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 traded expected after gaped down opening. First Nifty achieved our downside target below 5030 then it Turned back towards our buying level 5030 and achieved our upside target. 

We saw how Nifty gave respect to 5030 in last 3 weeks. In first half of last week Nifty faced resistance at 5030 and declined to register low of 4911 but once it succeed to sustain above 5030 in 2^nd half it registered high of 5143. 

                                               For This Week

We expect same for this week also, 5030 is very crucial level for the Nifty. 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 and once again Nifty tries to test 5120 – 5210. In this week Nifty find 1^st Sup at 5030 – 4940 & 2^nd  Sup at 4900 – 4850 and 1^st  Res at 5080 – 5120 & 2^nd Res at 5170 – 5210.

Strategy :

  

[1] Open your short below 5030 with stop loss of 5120 for tgt 4940 -4850

[2] Open your long above 5030 with stop loss of 4940 for tgt 5120 – 5210.  

NIFTY :: OP = 4981.70 , HI = 5143.60 , LO = 4911.05 , CL = 5084.25