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 it would be tries to test 5390 – 5480.    We suggested    Strategy:    [1]  Open short below 5300 with stop loss 5390 for targets 5210 – 5120.   [2]  Open long above 5300 with stop loss 5210 for targets 5390 – 5480.

Nifty opened weak and traded expected. On first day Nifty tried to cross 5300 but not succeed to sustain above it and declined sharp below 5200. Nifty achieved our 1^st down side target and registered weekly low of 5155. Nifty lost 81 points ( - 1.55 % ) and closed in red.

                                   For This Week

We expect Nifty will be traded with negative bias below 5210 and it would be decline towards 5120 – 5030. Other hand above 5210 Nifty will be traded with positive bias and it would be tries to test 5300 – 5390.  Nifty have 1^st Sup. at 5170 – 5120 & 2^nd Sup. at 5080 – 5030 and Nifty find 1^st Res. at 5260 – 5300 & 2^nd Res. At 5350 – 5390.

Strategy:

[1]  Open short below 5210 with stop loss 5300 for targets 5120 – 5030. 

[2]  Open long above 5210 with stop loss 5120 for targets 5300 – 5390.

NIFTY :: OP = 5277.40 , HI = 5310.55 , LO = 5154.30 , CL = 5209.