WEEKLY REVIEW

JAY SWAMINARAYAN

 

We said   “   Nifty would face selling pressure near 5400 and it would be declined towards 5210 in this week or next week. Other hand Nifty would be traded with negative bias below 5300 and it should find strong support between 5210 – 5120.   “    We  suggested    Strategy:      Open short below 5350 with stop loss 5420 for target 5300 – 5210.  [We give 60 % to this Probability]

Nifty traded expected below 5350 and achieved our both down side target. Nifty took support at 5200 and tried to bounce back but it failed to sustain above 5300. Nifty lost 76 points ( - 1.43 % ) and closed in red.  

                                          For This Week

We expect Nifty will be traded with negative bias below 5300 and it would be declined towards 5210 – 5120. Other hand above 5300 Nifty will be traded with positive bias and tries to test 5390 – 5480.  Nifty should find 1^st Sup. at 5260 – 5210 & 2^nd Sup. at 5170 – 5120 and Nifty should find 1^st Res. At 5300 – 5330 & 2^nd Res. At 5390 – 5420.

Be cautious and trade carefully because of the current Global precarious situation and truncated week with holidays on Monday & Thursday. 

Strategy:

[1]  Open short below 5300 with stop loss 5390 for target 5210 – 5120. 

[2]  Open long above 5300 with stop loss 5210 for target 5390 – 5480.  

NIFTY :: OP = 5358.90 , HI = 5360.25 , LO = 5201.85 , CL = 5284.20