WEEKLY REVIEW

JAY SWAMINARAYAN

We said   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.   “   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 traded strong and registered high of 6068.50 than turned back below 6000 on Wednesday. In second half Nifty succeed to recover the gains and registered high of 6083.40. Nifty gained massive 113 points ( + 1 . 90 % ) and closed in green.

                                 For This Week

We expect now, 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.  Nifty have 1^st Sup. at 6020 – 5980 & 2^nd Sup. at 5930 – 5890 and Nifty find 1^st Res. at 6110 – 6140 & 2^nd Res. At 6200 – 6230.

Strategy:

[1]  Open short below 6070 with stop loss 6140 for targets 6020 – 5980 – 5930 - 5890. 

           

               

[2]  Open long above 6070 with stop loss 5980 for targets  6110 – 6140 – 6200 – 6230.

NIFTY :: OP = 5967.20 , HI = 6083.40 , LO = 5962.15 , CL = 6064.40.