Weekly Review

JAY SWAMINARAYAN

We said   “   Nifty will be traded with negative bias below 5750 and it would be decline towards 5660 – 5570. Other hand above 5750 Nifty will be traded with positive bias and it would be tries to test 5840 – 5930.   “   We suggested Strategy:   [1]  Open short below 5750 with stop loss 5840 for targets 5710 – 5660 – 5620 - 5570.   [2]  Open long above 5750 with stop loss 5660 for targets  5800 – 5840 – 5890 – 5930.

Nifty opened flat and traded expected. In first half Nifty traded negatively and achieved our 1^st down side target. In second half Nifty registered low of 5637 than tried to recover losses but again it declined on Friday. Nifty lost 70 points ( - 1.23 % ) and closed in red.

                              For This Week

We expect now, 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 5620 – 5570 & 2^nd Sup. at 5530 – 5480 and Nifty find 1^st Res. at 5710 – 5750 & 2^nd Res. At 5800 – 5840.

  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 = 5751.85 , HI = 5751.85 , LO = 5636.95 , CL = 5676.05.