Weekly Review

JAY SWAMINARAYAN

We said   “    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..   “   We suggested Strategy:   [1]  Open short below 5840 with stop loss 5930 for targets 5800 – 5750 – 5710 - 5660.   [2]  Open long above 5840 with stop loss 5750 for targets  5890 – 5930 – 5980 – 6020.

Nifty opened positive and traded expected. In first half Nifty registered low of 5844.70 than turned up above 5900 and achieved our 1^st upside target. Nifty registered high of 5930.80 in second half. Nifty gained 60 points ( + 1 . 02 % ) and closed in green.

                                   For This Week

We expect now, 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.  Nifty have 1^st Sup. at 5870 – 5840 & 2^nd Sup. at 5780 – 5750 and Nifty find 1^st Res. at 5980 – 6020 & 2^nd Res. At 6070 – 6110.

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 :: OP = 5869.00 . HI = 5930.80 , LO = 5844.70 , CL = 5908.35.