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 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 opened positive and traded expected. In first half Nifty registered high of 6038.50 but not able to sustained above 6020, So Nifty turned back towards our shorting level and declined sharp to achieve our 1^st down side target. NIFTY registered low of 5883.65 In second half. Nifty lost 95 points (- 1.59 %) 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 5890 – 5840 & 2^nd Sup. at 5800 – 5750 and Nifty find 1^st Res. at 5960 – 6020 & 2^nd Res. At 6050 – 6110.

Strategy:

[1]  Open short below 5930 with stop loss 6020 for targets 5890 – 5840 – 5800 - 5750. 

            

              

[2]  Open long above 5930 with stop loss 5840 for targets  5960 – 6020 – 6050 – 6110.

NIFTY :: OP = 6025.20 , HI = 6038.50 , LO = 5883.65 , CL = 5903.50.