Weekly Review

JAY SWAMINARAYAN

We said last week  “   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 registered high of 6111.80 In first half but not able to sustained above 6110. So Nifty turned back towards our shorting level and declined sharp to achieve our 1^st down side target In second half and registered low of 5983.20. Nifty lost 75 points (- 1.25 %) and closed in red.

                                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 5980 – 5930 & 2^nd Sup. at 5890 – 5840 and Nifty find 1^st Res. at 6050 – 6110 & 2^nd Res. At 6140 – 6200.

Strategy:

[1]  Open short below 6020 with stop loss 6110 for targets 5980 – 5930 – 5890 - 5840. 

           

               

[2]  Open long above 6020 with stop loss 5930 for targets  6050 – 6110 – 6140 – 6200.

NIFTY :: OP = 6082.10 , HI – 6111.80 , LO = 5983.20 , CL = 5998.90.