Weekly Review

JAY SWAMINARAYAN

We expect Nifty will be traded with negative bias below 5930 and it would be decline towards 5840 – 5750. Other hand above 5930 Nifty will be traded with positive bias and it would be tries to test 6020 – 6110.   “   We suggested Strategy:   [1]  Open short below 5930 with stop loss 6020 for targets 5870 – 5840 – 5780 - 5750.   [2]  Open long above 5930 with stop loss 5840 for targets  5980 – 6020 – 6070 – 6110.

Nifty opened positive and traded expected. In first half Nifty registered high of 5965.15 than turned back towards our shorting level and achieved our 1^st down side target. Nifty declined sharp and register low of 5839.15 in second half. Nifty lost 27 points ( - 0 . 47 % ) and closed in red.

                                  For This Week

We expect now, 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.

We expect volatility to remain in the market on account of the RBI monetary policy review on Tuesday. So be cautious and trade carefully.  

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  5930 – 5980 – 6020 – 6070.

NIFTY :: OP = 5916.05 , HI = 5965.15 , LO = 5839.15 , CL = 5879.60.