WEEKLY REVIEW

JAY SWAMINARAYAN

We said   “   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.   “   We suggested    Strategy:    Open long above 4700 with stop loss 4630 for target 4760 – 4850.  

Nifty traded expected after opened with bull gape and achieved our both upside target on first day of week than in last 2 days Nifty gave smart up move due to international market. Nifty gained massive 340 points ( + 7.22 % ) and closed in green.   

                                     For This Week  

  

We expect Nifty will be traded with negative bias below 5030 and it would be decline towards 4940 – 4850. Other hand above 5030 Nifty will be traded with positive bias and it would be tries to test 5120 – 5210.  Nifty should find 1^st Sup. at 4990 – 4940 & 2^nd Sup. at 4900 – 4850 and Nifty should find 1^st Res. At 5080 – 5120 & 2^nd Res. At 5170 – 5210.

Plz keep close eye on 5080 level, in any situations if Nifty fails to cross and sustains above 5080 than it will be in big-big trouble in this Month. But once Nifty succeeds to move above and sustain above 5080 than it is good for market, in these situations open your long as well as Nifty holds 5030.

Strategy:

[1]  Open short below 5030 with stop loss 5120 for target 4940 – 4850.  [ We give 60 % to this Probability ]

[2]  Open long above 5030 with stop loss 4940 for target 5120 – 5210.   [ We give 40 % to this Probability ]

NIFTY :: OP = 4769.30 , HI = 5062.55 , LO = 4754.80 , CL = 5050.15.