WEEKLY REVIEW

JAY SWAMINARAYAN

We said   “   now between 4760 – 4670 Nifty should find strong support and traded positive as well as it hold this levels. Other hand between 4940 – 5030 Nifty find strong resistance.   “    We suggested    Strategy:    [1] Open short below 4850 with stop loss 4940 for target 4760 – 4670.   [2]  Open long above 4850 with stop loss 4760 for target 4940 – 5030.

Nifty traded expected after opened positive and achieved our both upside targets. Nifty gave smart up move with strength & momentum above 4850 what we said from last 2 weeks. Nifty gained massive 182 points ( + 3.75 % ) 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.

Ø  Plz keep close eye on 5030 level, in any situations if Nifty fails to sustain above 5030 than it will be decline towards 4940 – 4850. If Nifty succeeds to take support between this levels and move above and sustain above 4850 than it is good for market, in these situations open your long as well as Nifty holds 4850. Other hand if Nifty fails to hold 4850 than it would be tries to test 4760 – 4670 & even lower levels are possible in these situations.

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

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 = 4844 , HI = 5064.15 , LO = 4827.05 , CL = 5048.60.