Weekly Review

JAY SWAMINARAYAN

We said   “   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.   “   We suggested 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 opened flat and traded expected. In first half Nifty traded negatively and registered low of 5548.35. Nifty turned up in second half towards 5650 and almost achieved our 1^st upside target and registered high of 5643.35. Nifty gained 52 points ( + 0.94 % ) and closed in green.

                                    For This Week

We expect 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 5600 – 5570 & 2^nd Sup. at 5510 – 5480 and Nifty find 1^st Res. at 5660 – 5710 & 2^nd Res. At 5750 – 5800.

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 5620 with stop loss 5710 for targets 5600 – 5570 – 5510 - 5480. 

          

                

[2]  Open long above 5620 with stop loss 5510 for targets  5660 – 5710 – 5750 – 5800.

NIFTY :: OP = 5577.30 , HI = 5643.35 , LO = 5648.35 , CL = 5626.60.