Weekly Review

JAY SWAMINARAYAN

We said   “   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.   “   We suggested    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 opened with bear gape and traded expected. In first half Nifty took support near 5260 than turned up and registered high of 5348. Nifty faced resistance near 5350 and declined sharp towards 5210 in second half. Nifty achieved our 1^st down side target and registered low of 5217. Nifty lost 89 points ( - 1.69 % ) and closed in red.

                              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 5170 – 5120 & 2^nd Sup. at 5080 – 5030 and Nifty find 1^st Res. at 5260 – 5300 & 2^nd Res. At 5350 – 5390.

Strategy:

[1]  Open short below 5210 with stop loss 5300 for targets 5170 – 5120 – 5080 - 5030. 

                                                                                               

[2]  Open long above 5210 with stop loss 5120 for targets 5260 – 5300 – 5350 - 5390.

NIFTY :: OP = 5283.70 , HI = 5348.55 , LO = 5216.85 , CL = 5227.25.