Weekly Review

JAY SWAMINARAYAN

We said   “   Nifty will be traded with negative bias below 5660 and it would be decline towards 5570 – 5480. Other hand above 5660 Nifty will be traded with positive bias and it would be tries to touch 5750 – 5840.   “   We suggested Strategy:   [1]  Open short below 5660 with stop loss 5750 for targets 5620 – 5570 – 5530 - 5480.   [2]  Open long above 5660 with stop loss 5570 for targets  5720 – 5750 – 5800 – 5840.

Nifty opened flat and traded expected. In first half Nifty traded in narrow range of 70 points and registered low of 5639. In second half Nifty turned up towards 5750 and registered high of 5735 and almost achieved our 1^st upside target. Nifty gained 12 points ( + 0.21 % ) and closed in green.

                                 For This Week

We expect Nifty will be traded with negative bias below 5660 and it would be decline towards 5570 – 5480. Other hand above 5660 Nifty will be traded with positive bias and it would be tries to test 5750 – 5840.  Nifty have 1^st Sup. at 5660 – 5620 & 2^nd Sup. at 5570 – 5530 and Nifty find 1^st Res. at 5750 – 5800 & 2^nd Res. At 5840 – 5890.

Strategy:

[1]  Open short below 5660 with stop loss 5750 for targets 5620 – 5570 – 5530 - 5480. 

[2]  Open long above 5660 with stop loss 5570 for targets  5710 – 5750 – 5800 – 5840.

NIFTY :: OP = 5691.95 , HI = 5735.15 , LO = 5638.68 , CL = 5703.30.