WEEKLY REVIEW

JAY SWAMINARAYAN

 

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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 registered low of 5583.05 and achieved our 1^st down side target, Than Nifty tried to recover and succeed to do so. Nifty turned up above 5700 and registered high of 5711.30 in second half. Nifty gained 33 points ( + 0.59 % ) and closed in green.

Ø  We said in our 28-10-2012 weekly review when nifty closed at 5664.30   “   We expect after 2-3 days Nifty will be starting to decline sharp towards 5570-5480.   “   In last week Nifty declined below 5600 after five weeks and registered low of 5583.05.

                            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.

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 = 5665.20 , HI = 5711.30 , LO = 5683.05 , CL = 5697.70.