WEEKLY REVIEW

JAY SWAMINARAYAN

We said   “   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.   “   We suggested    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 traded expected after opened flat and achieved our both upside targets. Nifty succeed to close above 5390 in first half than in 2^nd half it gave smart up move and registered high at 5606.  Thus Nifty gained 182 points ( + 3.39 % ) and closed in green.

                                       For This Week

We expect Nifty will be traded with negative bias below 5570 and it would be decline towards 5480 – 5390. Other hand above 5570 Nifty will be traded with positive bias and tries to test 5660 – 5750.  Nifty should find 1^st Sup. at 5530 – 5480 & 2^nd Sup. at 5440 – 5390 and Nifty should find 1^st Res. At 5570 – 5600 & 2^nd Res. At 5660 – 5690.

Those who creates short on Nifty will hold their short positions with stop loss 5570. ( If Nifty succeed to give two close above 5570 than book your loss otherwise hold positions for down side targets. )

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

Strategy :

[1] Open your short below 5570 with sl 5660 for tgt 5480 – 5390.

[2] Open your long above 5570 with sl 5480 for tgt 5660 – 5750.

NIFTY :: OP = 5382.10 , HI = 5606.70 , LO = 5351.40 , CL = 5564.30.