Weekly Review

JAY SWAMINARAYAN

We said   “   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.   “   We suggested    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 opened positive and traded expected. In first half Nifty took support near 5260 than turned up and registered high of 5333 in second half. Nifty achieved our 1^st upside target and traded in narrow range of 70 points. Nifty gained 38 points ( + 0.72 % ) and closed in green.

                            For This Week

We expect Nifty will be traded with negative bias below 5300 and it would be decline towards 5210 – 5120. Other hand above 5300 Nifty will be traded with positive bias and it would be tries to test 5390 – 5480.  Nifty have 1^st Sup. at 5260 – 5210 & 2^nd Sup. at 5170 – 5120 and Nifty find 1^st Res. at 5350 – 5390 & 2^nd Res. At 5440 – 5480.

Strategy:

[1]  Open short below 5300 with stop loss 5390 for targets 5260 – 5210 – 5170 - 5120. 

                                                                                               

[2]  Open long above 5300 with stop loss 5210 for targets 5350 – 5390 – 5440 - 5480.

NIFTY ::  OP = 5283.85 , HI = 5333.65 , LO = 5263.35 , CL = 5316.95.