weekly Review

JAY SWAMINARAYAN

We said   “   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 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. Nifty registered high of 5194 on Monday than  declined sharp and registered low of 5095 on Tuesday. There after Nifty traded range bound for the week but on Friday Nifty gave massive up move and registered high of 5286 and achieved our all upside targets. Nifty gained 132 points ( + 2.58 % ) and closed in green.

                           For This Week

We expect Nifty will be traded with negative bias below 5210 and it would be decline towards 5120 – 5030. Other hand above 5210 Nifty will be traded with positive bias and it would be tries to test 5300 – 5390.  Nifty have 1^st Sup. at 5260 – 5210 & 2^nd Sup. at 5170 – 5120 and Nifty find 1^st Res. at 5300 – 5350 & 2^nd Res. At 5390 – 5440.

Strategy:

[1]  Open short below 5260 with stop loss 5350 for targets 5210 – 5170 – 5120 - 5080. 

                                                                                               

[2]  Open long above 5260 with stop loss 5170 for targets 5300 – 5350 – 5390 - 5440.

NIFTY :: OP = 5158.50 , HI = 5286.25 , LO = 5095.50 , CL = 5278.90.