WEEKLY REVIEW

JAY SWAMINARAYAN

We said   “   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.   “   We suggested    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 traded expected after opened positive and in first half Nifty was succeed to touch 4800 but it failed to sustain above it and declined very sharp towards 4610 in 2^nd half. Nifty lost 89 points ( - 1.90 % ) and closed in red.

                                     For This Week

 We expect Nifty will be traded with negative bias below 4670 and it would be decline towards 4580 – 4490. Other hand Nifty will be traded with positive bias and it would be tries to test 4760 – 4850.  Nifty should find 1^st Sup. at 4580 – 4540 & 2^nd Sup. at 4490 – 4450 and Nifty should find 1^st Res. At 4670 – 4720 & 2^nd Res. At 4760 – 4810.    

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.  

Ø     If Nifty comes near 4400 in 1-2 weeks than 0pen your long with 2 closing baize stop loss 4310.

NIFTY :: OP = 4718.15 , HI = 4800.50 , LO = 4608.90 , CL = 4624.30.