WEEKLY REVIEW

JAY SWAMINARAYAN

We said   “   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.   “    We suggested    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 traded expected after opened flat. Nifty faced resistance near 5630 and it turned back towards our shorting level and achieved our both down side targets. Nifty lost 135 points ( - 2.43 % ) and closed in red.

                                      For This Week

We expect Nifty will be traded with negative bias below 5390 and it would be decline towards 5300 – 5210. Other hand above 5390 Nifty will be traded with positive bias and tries to test 5480 – 5570.  Nifty should find 1^st Sup. at 5390 – 5350 & 2^nd Sup. at 5300 – 5260 and Nifty should find 1^st Res. at 5480 – 5510 & 2^nd Res. at 5570 – 5600.

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. )

Strategy :

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

[2] Open your long above 5480 with sl 5390 for tgt 5570 – 5650.

NIFTY :: OP = 5561.90 , HI = 5629.95 , LO = 5405.90 , CL = 5429.30.