Once Again We Succeed

JAY SWAMINARAYAN

We said   “   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.   “    We suggested    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 opened with bear gape and traded expected. In first half Nifty achieved our 1^st down side target than it turned up towards our buying level and achieved our both upside targets. Nifty tried to sustain above 4850 in first half and once it succeeds to sustain above this level it gave smart up move and registered high of 5084 in second half. Nifty gained massive 226 points ( + 4.68 % ) and closed in green.

                                          We Succeed

Ø  We said in our 13-05-2012 weekly review when Nifty closed at 4928.90.

Ø  Between 4850 – 4760 Nifty should be find strong support, so if Nifty comes between this level than open long with stop loss 4670. Between 5030 – 5120 Nifty should be find strong resistance, so if Nifty comes between this level than open short with stop loss 5210.

                                           Our Success

      Nifty registered low of 4770 on 04-06-2012 than turned up sharply and registered high of 5084. Thus Nifty gained more than 310 points in just 5 trading session.

      Nifty registered low of 4803 on 23-5-2012 than turned up sharply and registered high of 4935 in just 3 trading session. Thus Nifty gained more than 130 points.

      Nifty registered low of 4789 on 18-5-2012 than turned up sharply and registered high of 4956. Thus Nifty gained more than 160 points in just 3 trading session.

o   Remember Nifty declined from 5300 and lost 400 points in 3 weeks when we warned you.

                              For This Week

We expect Nifty will be traded with negative bias below 5030 and it would be decline towards 4940 – 4850. Other hand above 5030 Nifty will be traded with positive bias and it would be tries to test 5120 – 5210.  Nifty have 1^st Sup. at 5030 – 4990 & 2^nd Sup. at 4940 – 4900 and Nifty find 1^st Res. at 5080 – 5120 & 2^nd Res. At 5170 – 5210.

Strategy:

[1]  Open short below 5030 with stop loss 5120 for targets 4990 – 4940 – 4900 - 4850. 

           

[2]  Open long above 5030 with stop loss 4940 for targets 5080 – 5120 – 5170 - 5210.

NIFTY :: OP = 4797.30 , HI = 5084.45 , LO = 4770.35 , CL = 5068.35.