Weekly Review

JAY SWAMINARAYAN

We said   “   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 betries to test 5210 – 5300.   “   We suggested    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 opened positive and traded expected. In first half Nifty registered high of 5190on Monday than it declined sharp and registered low of 5048. Nifty took support near 5030 and once it succeeds to sustain above this level than it gave smartrally towards 5170 in second half. Nifty gained 7 points ( + 0.14 % ) and closed in green.

                                     For This Week

We expect same, 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 betries 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.

Be cautious and trade carefully because of F & O expiry in this week. Hence we expect volatility to remain in the market.

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 = 5174 , HI = 5190.20 , LO = 5041.70 , CL = 5146.05.