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 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 opened positive and traded expected. In first half Nifty registered low of 5623.45 than turned up and gave smart rally towards 5900 and achieved our both upside targets. Nifty registered high of 5885.25 in second half. Nifty gained massive 253 points ( + 4 . 50 % ) and closed in green.

                                     For This Week

We expect Nifty will be traded with negative bias below 5840 and it would be decline towards 5750 – 5660. Other hand above 5840 Nifty will be traded with positive bias and it would be tries to test 5930 – 6020.  Nifty have 1^st Sup. at 5840 – 5780 & 2^nd Sup. at 5750 – 5690 and Nifty find 1^st Res. at 5930 – 5980 & 2^nd Res. At 6020 – 6070.

Strategy:

[1]  Open short below 5870 with stop loss 5980 for targets 5840 – 5780 – 5750 - 5690. 

           

               

[2]  Open long above 5870 with stop loss 5780 for targets  5890 – 5930 – 5980 – 6020.

NIFTY :: OP = 5648.65 , HI = 5885.25 , LO = 5623.45 , CL = 5879.85.