Weekly Review

JAY SWAMINARAYAN

We said   “   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.   “   We suggested    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 opened positive and traded expected. In first half Nifty achieved our 1^st upside target and registered high of 5448 but failed to sustain above it. Nifty turned back towards 5370 in second half and lost earlier gain. Nifty gained 20 points ( + 0.38 % ) and closed in green.

                         For This Week

We expect 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 5440 – 5480 & 2^nd Res. At 5530 – 5570.

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 5390 with stop loss 5480 for target 5350 – 5300 – 5260 - 5210. 

[2]  Open long above 5390 with stop loss 5300 for target  5440 – 5480 – 5530 – 5570.

NIFTY :: OP = 5368.70 , HI = 5448.60 , LO = 5368.70 , CL = 5386.70.