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 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 opened positive and traded expected. In first half Nifty registered high of 6101.30 than turned back towards 6000 and registered low of 6007.85 in second half. Anyhow Nifty succeeds to recover the losses on Friday. Nifty gained 10 points ( + 0.17 % ) and closed in green.

                                 For This Week

We expect same, 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.

We expect volatility to remain in the market on account of RBI Monetary policy on Tuesday and also F & O expiry in this week. So be cautious and trade carefully.

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 = 6085.75 , HI = 6101.30 , LO = 6007.85 , CL = 6074.65.