WEEKLY REVIEW

JAY SWAMINARAYAN

We said   “   Nifty will be traded with negative bias below 5300 and it would be decline towards 5210 – 5120. Other hand above 5300 Nifty will be traded with positive bias and tries to test 5390 – 5480.   “   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 upside gape.  In 1^st half Nifty achieved our both upside targets but not succeeds to sustain above it than in 2^nd half Nifty declined sharp towards 5300 and closed near it due to Union Budget effect. Nifty lost 15 points ( - 0.29 % ) and closed in red.

                                       For This Week

We expect Nifty will be traded with negative bias below 5300 and it would be decline towards 5210 – 5120. Other hand above 5300 Nifty will be traded with positive bias and tries to test 5390 – 5480.  Nifty should find 1^st Sup. at 5300 – 5260 & 2^nd Sup. at 5210 – 5170 and Nifty should find 1^st Res. at 5350 – 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 = 5420.10 , HI = 5499.40 , LO = 5305 , CL = 5317.90.