WEEKLY REVIEW

JAY SWAMINARAYAN

We said   “    Nifty will be traded with negative bias below 6020 and it would be decline towards 5930 – 5840. Other hand above 6020 Nifty will be traded with positive bias and it would be tries to touch 6110 – 6200.   “   We suggested Strategy:   [1]  Open short below 6020 with stop loss 6110 for targets 5960 – 5930 – 5870 – 5840.   [2]  Open long above 6020 with stop loss 5930 for targets  6070 – 6110 – 6160 – 6200.

Nifty opened positive and traded expected. In first half Nifty registered high of 6042.15 than turned back towards our shorting level and achieved our 1^st down side target. Nifty registered low of 5940.60 in second half. Nifty lost 64 points ( - 1 . 08 % ) and closed in red.

                                 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 touch 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 = 6042.15 , HI = 6042.15 , LO = 5940.60 , CL = 5951.30.