WEEKLY REVIEW

JAY SWAMINARAYAN

We said   “   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.   “   We suggested    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 traded expected after opened flat. Once Nifty breach 5390 than it registered low of 5269 and achieved our 1^st down side target on Monday, than Nifty tried to recover but it failed to do so. Nifty lost 69 points ( - 1.29 % ) 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 5300 – 5260 & 2^nd Sup. at 5210 – 5170 and Nifty should find 1^st Res. at 5480 – 5510 & 2^nd Res. at 5570 – 5600.

We expect high volatility in this week on account of the results from the UP elections and markets may take clues from the same.

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 = 5448..10 , HI = 5458.80 , LO = 5268.15 , CL = 5359.40.