Weekly Review

JAY SWAMINARAYAN

We said   “   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.   “    We suggested    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 opened positive and traded expected. In first half Nifty turned back towards our buying level than it turned up and achieved our both upside targets. Nifty took support near 5030 and once it succeeds to sustain above this level it gave smart up move and registered high of 5146 in second half. Nifty gained 70 points ( + 1.39 % ) and closed in green.

                               For This Week

We expect Nifty will be traded with negative bias below 5120 and it would be decline towards 5030 – 4940. Other hand above 5120 Nifty will be traded with positive bias and it would be tries to test 5210 – 5300.  Nifty have 1^st Sup. at 5120 – 5080 & 2^nd Sup. at 5030 – 4990 and Nifty find 1^st Res. at 5170 – 5210 & 2^nd Res. At 5260 – 5300.

We expect volatility to remain in the market because of Greece Election on Sunday, RBI Credit Policy on Monday and USA Federal Bank meeting on Tuesday. So be cautious and trade carefully with strict stop loss for both side trades.

Strategy:

[1]  Open short below 5120 with stop loss 5210 for targets 5080 – 5030 – 4990 - 4940. 

           

[2]  Open long above 5120 with stop loss 5030 for targets 5170 – 5210 – 5260 - 5300.

NIFTY :: OP = 5096.70 , HI = 5146.20 , LO = 5015.15 , CL = 5139.05.