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 5260 with stop loss 5350 for target 5210 – 5170 – 5120 - 5080.   [2]  Open long above 5260 with stop loss 5170 for target  5300 – 5350 – 5440 – 5480.

Nifty opened positive and traded expected.  In first half Nifty faced resistance near 5300 than declined towards 5216. In second half Nifty took support near 5210 than turned up towards 5350 and achieved our 1^st upside target. Nifty registered high of 5366 and gained 100 points ( + 1.91 % ) 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 5300 – 5260 & 2^nd Sup. at 5210 – 5170 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 = 5276.50 , HI = 5366.30 , LO = 5215.70 , CL = 5358.70.