Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened positive and registered high of 5878.40 in first half but not succeeded to sustain above 5840. So Nifty turned back towards our shorting level and declined sharp towards 5660 and achieved our both down side targets. Nifty registered low of 5671.90 in second half. Nifty lost massive 130 points (- 2.23 %) and closed in red.

                                      For This Week

We expect now, Nifty will be traded with negative bias below 5750 and it would be decline towards 5660 – 5570. Other hand above 5750 Nifty will be traded with positive bias and it would be tries to touch 5840 – 5930.  Nifty have 1^st Sup. at 5710 – 5660 & 2^nd Sup. at 5620 – 5570 and Nifty find 1^st Res. at 5800 – 5840 & 2^nd Res. At 5890 – 5930.

Strategy:

[1]  Open short below 5750 with stop loss 5840 for targets 5710 – 5660 – 5620 - 5570. 

           

               

[2]  Open long above 5750 with stop loss 5660 for targets  5800 – 5840 – 5890 – 5930.

NIFTY :: OP = 5870.55 , HI = 5878.40 , LO = 5671.90 , CL = 5719.70.