WEEKLY REVIEW

JAY SWAMINARAYAN

We said   “   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.   “   We suggested    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 traded expected after opened with gape up and achieved our 1^st upside target. Nifty crossed 5400 after Aug-11 but not succeed to closed above it. Nifty gained 55 points ( + 1.05 % ) and closed in green.

                                      For This Week

We expect Nifty will be traded with negative bias below 5390 and it would be tries to touch 5300 – 5210. Other hand above 5390 Nifty will be traded with positive bias and it would be tries to touch 5440 - 5480. Nifty should find 1^st Sup. At 5330 – 5300 & 2^nd Sup. at 5260 – 5210 and Nifty should find 1^st Ress. At 5440 – 5480 & 2^nd Res. At 5530 – 5570.

We still continue with our statement that Nifty would find strong resistance between 5390 – 5480 so use this opportunity for open Short if Nifty comes between this levels with Sl 5570.

Strategy :

[1] Open your short below 5390 with sl 5480 for tgt 5300 – 5210.

[2] Open your long above 5390 with sl 5300 for tgt 5480 – 5570.   

NIFTY :: OP = 5379.45 , HI = 5427.75 , LO = 5322.95 , CL = 5381.60.