WEEKLY REVIEW

JAY SWAMINARAYAN

We said   “   Nifty will be traded with negative bias below 5210 and it would be tries to test 5120 – 5030, but it would find strong support between this levels. Other hand above 5210 Nifty will be traded with positive bias and it would be tries to touch 5300 - 5390.   “   We suggested    Strategy:   [1]   Open short below 5210 with stop loss 5300 for target 5120 – 5030.     [2]   Open long above 5210 with stop loss 5120 for target 5300 – 5390.

Nifty traded expected after opened negative on Monday and almost achieved our both down side targets. Nifty took support at 5076 (between 5120 – 5030 as per our prediction) than it turned up towards our buying level and achieved our 1^st upside target. Nifty gained massive 121 points ( + 2.33 % ) and closed in green.

                                       For This week

We expect Nifty will be traded with negative bias below 5300 and it would be tries to test 5210 – 5120. Other hand above 5300 Nifty will be traded with positive bias and it would be tries to touch 5390 - 5480. Nifty find strong resistance between 5390 – 5480 so use this opportunity for open Short if Nifty comes near this levels with Sl 5570. Nifty find 1^st Sup. At 5300 – 5260 & 2^nd Sup. at 5210 – 5170 and Nifty should find 1^st Ress. At 5330 – 5390 & 2^nd Res. At 5420 – 5480.

Strategy :

[1] Open your short below 5300 with sl 5390 for tgt 5210 – 5120.

[2] Open your long above 5300 with sl 5210 for tgt 5390 – 5480.   

NIFTY :: OP = 5163.55 , HI = 5334.85 , LO = 5076.70 , CL = 5325.85