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 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 with gape up and traded expected. In first half Nifty achieved our both upside targets and registered high of 5377 than Nifty turned back towards 5300 in second half. Nifty gained 104 points ( + 2.01 % ) 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 = 5260.85 , HI = 5377.60 , LO = 5260.85 , CL = 5320.40.