WEEKLY REVIEW

JAY SWAMINARAYAN

Dear Reader,                           We as a Devsaty stocks would like to take this opportunity to wish you and your family a very Happy Diwali & prosperous New Year. May GOD fulfill all your wishes in wealth , health and happiness in your life.

We said  “  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.  “     We suggested    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 )

Remember at last week nifty closed at 5132 and USA & EUROPE markets were up 1% to 3% on Friday and everybody talked about 5200 – 5300 that time we said  If Nifty not succeeds to move above 5170 in any scenario then it might   be in trouble and it tries to touch 5030 – 4940.

Nifty traded expected below 5120 and achieved our down side target.  Nifty took support at 5030 and tried to bounce back but it failed to sustained above 5120  and at last day it fallen  again towards 5030 and ended week with 82 points ( - 1.60 % ) loss and closed in red.

                                        For This Week

We expect Nifty will be traded with negative bias below 5030 and tries to touch 4940 – 4850. In this scenario Nifty have strong support between 4970 - 4940. Other hand above 5030 Nifty will be traded with positive bias and tries to test 5120 – 5210. In this scenario Nifty have strong Resistance between 5120 – 5170.  Nifty find 1^st Sup. at 5030 – 4970 & 2^nd Sup. at 4940 – 4850 and find 1^st Res. At 5080 – 5120 & 2^nd Res. At 5210 – 5260.

Be cautious and trade carefully because of the current Global precarious situation and F&O expiry in this week. Hence we expect volatility to re-main in the market.

Strategy  :

[1]  Open short below 5030 with strict stop loss 5120 for target 4940 – 4850. 

               

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

NIFTY :: OP = 5156.20 , HI – 5160.20 , LO = 5011.05 , CL = 5049.95