Weekly Review

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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 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 registered low of 5333 than turned up and gave smart rally towards 5570 due to the Quantitaive easing 3 announced by American Fed Bank on Thursday. Nifty achieved our both upside targets and registered high of 5586 in second half. Nifty gained massive 218 points ( + 4.09 % ) and closed in green.

                          For This Week

We expect now, Nifty will be traded with negative bias below 5570 and it would be decline towards 5480 – 5390. Other hand above 5570 Nifty will be traded with positive bias and it would be tries to touch 5660 – 5750.  Nifty have 1^st Sup. at 5530 – 5480 & 2^nd Sup. at 5440 – 5390 and Nifty find 1^st Res. at 5600 – 5660 & 2^nd Res. At 5690 – 5750.

We expect volatility to remain in the market on account of RBI Monetary Policy on Monday and truncated week with holidays on Wednesday. So be cautious and trade carefully with strict stop loss for both side trades.

Strategy:

[1]  Open short below 5570 with stop loss 5660 for target 5530 – 5480 – 5440 - 5390. 

[2]  Open long above 5570 with stop loss 5480 for target  5600 – 5660 – 5690 – 5750.

NIFTY :: OP = 5361.90 , HI = 5586.65 , LO = 5332.10 , CL = 5577.65.