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 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 opened flat and traded expected. In first half Nifty registered high of 5971.00 and achieved our 1^st upside target but not succeed to sustained at higher level so Nifty declined sharp towards 5840 and registered low of 5835.80 in second half. Nifty lost 37 points (- 0.63 %) and closed in red.

                                   For This Week

We expect now, Nifty will be traded with negative bias below 5840 and it would be decline towards 5750 – 5660. Other hand above 5840 Nifty will be traded with positive bias and it would be tries to touch 5930 – 6020.  Nifty have 1^st Sup. at 5800 – 5750 & 2^nd Sup. at 5710 – 5660 and Nifty find 1^st Res. at 5870 – 5930 & 2^nd Res. At 5960 – 6020.

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

Strategy:

[1]  Open short below 5840 with stop loss 5930 for targets 5800 – 5750 – 5710 - 5660. 

            

              

[2]  Open long above 5840 with stop loss 5750 for targets  5870 – 5930 – 5960 – 6020.

NIFTY :: OP = 5888.65 , HI = 5971.00 , LO = 5835.80 , CL = 5850.30.