Weekly Review

 JAY SWAMINARAYAN

We said last week   “   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 5890 – 5840 – 5800 - 5750.   [2]  Open long above 5930 with stop loss 5840 for targets  5960 – 6020 – 6050 – 6110.

Nifty opened positive and traded expected. In first half Nifty registered high of 5969.50 but not able to sustained above 5930, So Nifty turned back towards our shorting level and almost achieved our 1^st down side target. NIFTY registered low of 5853.90 In second half. Nifty lost 16 points (- 0.27 %) and closed in red.

                                    For This Week

We expect same, 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 5840 – 5800 & 2^nd Sup. at 5750 – 5710 and Nifty find 1^st Res. at 5930 – 5960 & 2^nd Res. At 6020 – 6050.

Strategy:

[1]  Open short below 5890 with stop loss 5980 for targets 5840 – 5800 – 5750 - 5710. 

           

               

[2]  Open long above 5890 with stop loss 5800 for targets  5930 – 5960 – 6020 – 6050.

NIFTY :: OP = 5920.05 , HI = 5969.50 , LO = 5853.90 , CL = 5887.40.