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.   “   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 achieved our 1^st upside target and registered high of 5246. Nifty turned back towards 5170 and registered low of 5165 than tried to recover losses on Friday and succeed to close above 5210 in second half. Nifty gained 115 points ( + 2.27 % ) 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 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 = 5129.75 , HI = 5246.35 , LO = 5129.75 , CL = 5215.70.