WEEKLY REVIEW

JAY SWAMINARAYAN

We said   “   Nifty will be traded with negative bias below 5210 and it would be declined towards 5120 – 5030.   “   We  suggested    Strategy:   Open short below 5210 with stop loss 5300 for target 5120 – 5030.  [ We give 60 % to this Probability ]

Nifty traded expected below 5210 and achieved our both down side target. Nifty declined very sharp below 5030 and finally it took support at 4840 at last day and any how succeeds to close above 4900. Nifty lost 263 points ( - 5.09 % ) and closed in red.  

                                       For This Week

We expect Nifty will be traded with negative bias below 4940 and it would be decline towards 4850 – 4760. Other hand above 4940 Nifty will be traded with positive bias and tries to test 5030 – 5120.  Nifty should find 1^st Sup. at 4850 – 4810 & 2^nd Sup. at 4760 – 4720 and Nifty should find 1^st Res. At 4940 – 4970 & 2^nd Res. At 5030 – 5060.

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 4940 with stop loss 5030 for target 4850 – 4760.  [ We give 60 % to this Probability ]

[2]  Open long above 4940 with stop loss 4850 for target 5030 – 5120.   [ We give 40 % to this Probability ]

NIFTY :: OP = 5217.35 , HI = 5228.90 , LO = 4837.95 , CL = 4905.80