Weekly Review

JAY SWAMINARAYAN

We said   “   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 – 4810 – 4760 - 4720.   [2]  Open long above 4940 with stop loss 4850 for targets 4990 – 5030 – 5080 - 5120.

Nifty opened flat and traded expected. Nifty achieved our 1^st upside target than it turned back towards our shorting level and achieved our 1^st down side target. Nifty tried to sustain above 4940 in 1^st half but once it breach this level it declined sharp below 4850 and registered low of 4832 in 2^nd half. Nifty lost 78 points ( - 1.60 % ) 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 4850 – 4900 & 2^nd Res. At 4940 – 4990.

Strategy:

[1]  Open short below 4850 with stop loss 4940 for targets 4810 – 4760 – 4720 - 4670. 

           

[2]  Open long above 4850 with stop loss 4760 for targets 4900 – 4940 – 4990 - 5030.

NIFTY :: OP = 4931.70 , HI = 5020.15 , LO = 4831.75 , CL = 4841.60.