JAY SWAMINARAYAN
We said last 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.
We suggested
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 traded expected, first it achieved our upside
target above 5030 and registered high at 5168 then it turned back towards our
shorting level 5030 and achieved our all downside targets and registered low at
4830. Nifty lost 216 points ( - 4.26 % ) and closed in red.
Ø We said
on 22-09-11 daily review when Nifty closed at 5133 “ If
Nifty not succeeds to move above 5170 then it will be in trouble. “
In
last 2 days Nifty lost massive 266 points ( - 5 % ) and closed at 4867.75.
For
This Week
We
expect between 4760 -4850 Nifty have support and it should be bounce back
towards 4940 – 5000 from this level but not above 5030 - 5080. Other hand once Nifty sustain below 4760 then
we will see new low and 4670 – 4580 will be working as a strong support. In
this week Nifty find 1st
Sup at 4850 – 4760 & 2nd Sup
at 4670 – 4580 and 1st Res at
4940 – 5000 & 2nd Res at 5030 – 5080. This is F&O expiry
week so volatility is expected. Be cautious and trade carefully.
Strategy :
[1] Open your long above 4850 with sl 4760 for tgt 4940 – 4990.
[2] Open your short below 4850 with sl 4940 for tgt 4760 – 4670. if nifty
come near 5000 in this week or next week then open short with strict stop loss
5120 for tgt 4940 – 4850.
NIFTY :: OP = 5068.40 , HI = 5168.40 , LO = 4829.60
, CL = 4867.75
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