WEEKLY REVIEW

JAY SWAMINARAYAN

We said   “   Nifty will be traded with negative bias below 4670 and it would be decline towards 4580 – 4490. Other hand above 4670 Nifty will be traded with positive bias and it would be tries to test 4760 – 4850.   “   We suggested    Strategy:   [1] Open short below 4670 with stop loss 4760 for target 4580 – 4490   [2]  Open long above 4670 with stop loss 4580 for target 4760 – 4850.

Nifty traded expected after opened gape down. In first half of week Nifty made new low of 2 years at 4531 and achieved our 1^st down side target. Due to international markets Nifty turned up and succeeds to close above 4670 on Wednesday and achieved our 1^st upside target of 4760. Nifty gained 62 points ( + 1.34 % ) and closed in green.

  

                                     For This Week

We expect between 4760 – 4850 Nifty should finds strong resistance and to clear this levels Nifty  should needed more strength and momentum Other hand below 4670 Nifty will be losing Its strength and once again it would be decline towards 4580 – 4490. Nifty should find 1^st Sup. at 4670 – 4630 & 2^nd Sup. at 4580 – 4540 and Nifty should find 1^st Res. At 4760 – 4810 & 2^nd Res. At 4850 – 4900.

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

Strategy:

[1] Open short below 4670 with stop loss 4760 for target 4580 – 4490

[2]  Open long above 4760 with stop loss 4670 for target 4850 – 4940.   

NIFTY :: OP = 4623.15 , HI = 4763.45 , LO = 4531.15 , CL = 4714