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 short below 5300 with stop loss 5390 for target 5210 – 5120.    [2]  Open long above 5300 with stop loss 5210 for target 5390 – 5480.

Nifty traded expected after opened flat. Nifty achieved our both down side targets in 1^st half than it turned up in 2^nd half and succeed to recover all the loss at last day and registered weekly high of 5307.10. Nifty gained 17 points ( + 0.33 % ) and closed in green.

                               For This Week

We expect same for this week. 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 5260 – 5210 & 2^nd Sup. at 5170 – 5120 and Nifty should find 1^st Res. At 5300 – 5330 & 2^nd Res. At 5390 – 5420.

We expect volatility to remain in the market because of small & truncated week with 2 holidays on Thursday and Friday. So be cautious and trade carefully.

Strategy:

[1]  Open short below 5300 with stop loss 5390 for target 5210 – 5120. 

[2]  Open long above 5300 with stop loss 5210 for target 5390 – 5480.

NIFTY :: OP = 5374.35 , HI = 5307.10 , LO = 5135.95 , CL = 5295.55