Weekly Review

JAY SWAMINARAYAN

We said last week   “   Nifty will be traded with negative bias below 5660 and it would be decline towards 5570 – 5480. Other hand above 5660 Nifty will be traded with positive bias and it would be tries to touch 5750 – 5840.   “   We suggested Strategy   [1]  Open short below 5660 with stop loss 5750 for targets 5620 – 5570 – 5530 - 5480.   [2]  Open long above 5660 with stop loss 5570 for targets  5690 – 5750 – 5780 – 5840.

Nifty opened positive and traded expected. In first half Nifty registered high of 5718.40 than turned back and declined sharp towards 5600. Nifty registered low of 5604.85 than turned up and succeed to recover losses on F & O expiry day. Nifty gained 31 points (+ 0.55 %) and closed in green.

                                    For This Week

We expect same, Nifty will be traded with negative bias below 5660 and it would be decline towards 5570 – 5480. Other hand above 5660 Nifty will be traded with positive bias and it would be tries to touch 5750 – 5840.  Nifty have 1^st Sup. at 5660 – 5620 & 2^nd Sup. at 5570 – 5530 and Nifty find 1^st Res. at 5690 – 5750 & 2^nd Res. At 5780 – 5840.

Strategy:

[1]  Open short below 5660 with stop loss 5750 for targets 5620 – 5570 – 5530 - 5480. 

               

           

[2]  Open long above 5660 with stop loss 5570 for targets  5690 – 5750 – 5780 – 5840.

NIFTY :: OP = 5707.30 , HI = 5718.40 , LO = 5604.85 , CL = 5682.55.