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 test 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  5710 – 5750 – 5800 – 5840.

Nifty opened flat and traded expected. In first half Nifty traded weak and registered low of 5633.90. After that Nifty turned up above 5700 and registered high of 5722.50 near our 1^st upside target in second half. Nifty gained 08 points ( + 0.14 % ) and closed in green.

                             For This Week

We expect same, 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.

This is the small & truncated week with holiday on Wednesday and also the F & O expiry in this week so be cautious and trade carefully. Hence we expect volatility to remain in the market.

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 = 5674.25 , HI = 5722.50 , LO = 5633.90 , CL = 5684.25.