WEEKLY REVIEW

JAY SWAMINARAYAN

We said  “  Above 4940 Nifty should be tries to test 5030 but between 4940 – 5030 Nifty face strong resistances.  “     We suggested    Strategy:     Open your long above 4940 with sl 4850 for tgt 4990 – 5030.   Open short if Nifty comes near 5030 – 5080 with strict stop loss of 5120 for tgt 4940 – 4850.  [ We give 40 % to this Probability ]

Nifty traded expected above 4940 and achieved our both upside target. Nifty traded exactly as per our expectation during the week but at last day it given surprised up move after opened weak and succeed to close above 5120. Nifty gained massive 244 points ( + 5 % ) and closed week in green.

                                      For This Week   

We expect Nifty will be traded with negative bias below 5120 and tries to touch 5030 – 5000.  Above 5120 Nifty will be traded with positive bias and tries to test 5170 – 5210. If Nifty not succeeds to move above 5170 in any scenario then it might   be in trouble and it tries to touch 5030 – 4940. Other hand if Nifty succeeds to move above and sustain above 5120 then it tries to test 5170 – 5260. Nifty find 1^st Sup. at 5120 – 5080 & 2^nd Sup. at 5030 – 4940 and find 1^st Res. At 5170 – 5210 & 2^nd Res. At 5260 – 5300.

Strategy  :

[1]  Open short below 5120 with strict stop loss 5210 for target 5030 – 4940.  If Nifty not able to cross 5170 then open short with stop loss 5210 for target 5080-5030.

[2]  Open long above 5120 with stop loss 5030 for target 5210 – 5260. ( Open long only after Nifty gives close above 5120 on Monday )

Nifty  ::  OP = 4886.85 , HI = 5141.40 , LO = 4882.05 , CL = 5132.30.