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 traded positively and registered high of 5777.30 and achieved our 1^st upside target. After that Nifty turned back below 5700 and registered weekly low at 5677.75 in second half. Nifty lost 11 points ( - 0.20 % ) and closed in red.

                              For This Week

We expect now, 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.  Nifty have 1^st Sup. at 5660 – 5600 & 2^nd Sup. at 5570 – 5510 and Nifty find 1^st Res. at 5710 – 5750 & 2^nd Res. At 5800 – 5840.

This is the small & truncated week with Muhurat trading on Tuesday at 3:30 pm to 5: 00 pm & holiday on Wednesday so be cautious and trade carefully. Hence we expect volatility to remains in the market.

Strategy:

[1]  Open short below 5690 with stop loss 5800 for targets 5660 – 5600 – 5570 - 5510. 

            

              

[2]  Open long above 5690 with stop loss 5600 for targets  5710 – 5750 – 5800 – 5840.

NIFTY :: OP = 5693.05 , HI = 5777.30 , LO = 5677.75 , CL = 5686.25