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 5754.6O but not succeed to sustained above 5750. So Nifty turned back towards our shorting level and declined sharp below 5570. Nifty achieved our 1^st down side target and registered low of 5534.70 in second half. Nifty lost massive 129 points (- 2.28 %) and closed in red.

                                    For This Week

We expect now, Nifty will be traded with negative bias below 5570 and it would be decline towards 5480 – 5390. Other hand above 5570 Nifty will be traded with positive bias and it would be tries to touch 5660 – 5750.  Nifty have 1^st Sup. at 5530 – 5480 & 2^nd Sup. at 5440 – 5390 and Nifty find 1^st Res. at 5600 – 5660 & 2^nd Res. At 5690 – 5750.

Strategy:

[1]  Open short below 5570 with stop loss 5660 for targets 5530 – 5480 – 5440 - 5390. 

            

              

[2]  Open long above 5570 with stop loss 5480 for targets  5600 – 5660 – 5690 – 5750.

NIFTY :: OP = 5697.35 , HI = 5754.60 , LO = 5534.70 , CL = 5553.25.