Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened negative and registered low of 5663.60 and achieved our 1^st down side target on Monday. Nifty took support near 5660 and turned up towards our buying level then gave smart rally towards 5930 and achieved our both upside targets. Nifty registered high of 5952.85 in second half.  Nifty gained massive 224 points (+ 3.95 %) and closed in green.

                                     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 5980 – 6020 & 2^nd Res. At 6070 – 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  5980 – 6020 – 6070 – 6110.

Nifty :: OP = 5704.70 , HI = 5952.85 , LO = 5663.60 CL = 5945.70.