WEEKLY REVIEW

JAY SWAMINARAYAN

We said   “   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.   “   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 traded in small range of 82 points and almost achieved our 1^st up side targets in small & truncated week. Nifty gained 27 points ( + 0.52 % ) and closed in green.

                                                            

                              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 5260 – 5210 & 2^nd Sup. at 5170 – 5120 and Nifty should find 1^st Res. At 5350 – 5390 & 2^nd Res. At 5440 – 5480.

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 = 5296.35 , HI = 5378.75 , LO = 5278.80 , CL = 5322.90.