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 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 opened flat and traded expected. Nifty traded weak and closed in red each and every day of the week including Muhurat Trading session. In first half Nifty registered high of 5718.90 than turned back and declined sharp towards 5570 and achieved our 1^st down side target. Nifty registered low of 5559.80 in second half. Nifty lost 112 points ( - 1.97 % ) and closed in red.

                                     For This Week

We expect now, Nifty will be traded with negative bias below 5570 and it would be decline towards 5480 – 5390. Other hand above 5570 Nifty will be traded with positive bias and it would be tries to test 5660 – 5750.  Nifty have 1^st Sup. at 5510 – 5480 & 2^nd Sup. at 5420 – 5390 and Nifty find 1^st Res. at 5620 – 5660 & 2^nd Res. At 5710 – 5750.

Strategy:

[1]  Open short below 5570 with stop loss 5660 for targets 5510 – 5480 – 5420 - 5390. 

          

                

[2]  Open long above 5570 with stop loss 5480 for targets  5620 – 5660 – 5710 – 5750.

NIFTY :: OP = 5688.45 , HI = 5718.90 , LO = 5559.80 , CL = 5574.05.