JAY SWAMINARAYAN
We said “ 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. “ We
suggested 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 opened flat and traded expected.
In first half Nifty registered low of 5170 and took support at 5170 than turned
up and registered high of 5257. Nifty faced resistance near 5260 and declined
towards 5210 in second half. Nifty
lost 22 points ( - 0.42 % ) and closed in red.
For
This Week
We expect same
for this week, 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 1st Sup. at 5170 – 5120
& 2nd Sup. at 5080 – 5030 and Nifty find 1st Res. at
5260 – 5300 & 2nd Res. At 5350 – 5390.
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
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 = 5232.35 , HI = 5257.75 , LO = 5169.05 , CL = 5205.10.
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