Weekly Review

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JAY SWAMINARAYAN

We said   “   We expect Nifty will be traded with negative bias below 4940 and it would be decline towards 4850 – 4760. Other hand above 4940 Nifty will be traded with positive bias and it would be tries to test 5030 – 5120.   “   We suggested    Strategy:    [1]  Open short below 4940 with stop loss 5030 for targets 4850 – 4760.   [2]  Open long above 4940 with stop loss 4850 for targets 5030 – 5120.

Nifty opened flat and traded expected. Nifty declined sharp below 4800 and almost achieved our both down side targets. Nifty registered low of 4788 and traded negatively during all over the week, except last day. Nifty bounce sharply from the lows towards 4900 at last day and succeed to recover most of the losses. Nifty lost 37 points ( - 0.76 % ) and closed in red.

                               For This Week

We expect Nifty will be traded with negative bias below 4850 and it would be decline towards 4760 – 4670. Other hand above 4850 Nifty will be traded with positive bias and it would be tries to test 4940 – 5030.  Nifty have 1^st Sup. at 4810 – 4760 & 2^nd Sup. at 4720 – 4670 and Nifty find 1^st Res. at 4940 – 4990 & 2^nd Res. At 5030 – 5080.

Strategy:

[1]  Open short below 4850 with stop loss 4940 for targets 4760 – 4670. 

           

[2]  Open long above 4940 with stop loss 4850 for targets 5030 – 5120.

NIFTY :: OP = 4934.35 , HI = 4957.20 , L0 = 4788.95 , CL = 4891.45.