WEEKLY REVIEW

JAY SWAMINARAYAN

We said   “   Nifty will be traded with negative bias below 4940 and it would be decline towards 4850 – 4760.   “   We  suggested    Strategy:   Open short below 4940 with stop loss 5030 for target 4850 – 4760.  [ We give 60 % to this Probability ]

Nifty traded expected after opened weak and achieved our both down side target. Nifty declined very sharp below 4760 and finally it took support at 4640. Nifty lost 195 points ( - 3.99 % ) and closed in red.  

                                 For This Week

We expect now last week low 4640 would be act as a support in this week.If Nifty sustains below this level than it should loss another 100 – 150 points. Other hand last week high 4780 would be act as a resistance in this week and if Nifty succeeds to sustain above this level than it may move up for another 100 – 150 points. .  Nifty should find 1^st Sup. at 4670 – 4630 & 2^nd Sup. at 4580 – 4540 and Nifty should find 1^st Res. At 4760 – 4790 & 2^nd Res. At 4850 – 4880.

Strategy:

[1]  Open short below 4700 with stop loss 4790 for target 4670 – 4580.  [ We give 60 % to this Probability ]

[2]  Open long above 4700 with stop loss 4630 for target 4760 – 4850.   [ We give 40 % to this Probability ]

NIFTY :: OP = 4873.80 , HI = 4873.80 , LO = 4639.10 , CL = 4710.05