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 flat and traded expected. In first half Nifty achieved our 1^st upside target and registered high of 5399 but failed to sustain above it. So Nifty turned back towards 5350 in second half. Nifty gained 45 points ( + 0.86 % ) and closed in green.

                                      For This Week

We expect now Nifty will be traded with negative bias below 5390 and it would be decline towards 5300 – 5210. Other hand above 5390 Nifty will be traded with positive bias and it would be tries to test 5480 – 5570.  Nifty have 1^st Sup. at 5350 – 5300 & 2^nd Sup. at 5260 – 5210 and Nifty find 1^st Res. at 5390 – 5440 & 2^nd Res. At 5480 – 5530.

Strategy:

[1]  Open short below 5350 with stop loss 5440 for target 5300 – 5260 – 5210 - 5170. 

[2]  Open long above 5350 with stop loss 5260 for target  5390 – 5440 – 5480 – 5530.

NIFTY :: OP = 5316.35 , HI = 5399.95 , LO = 5309.05 , CL = 5366.30.