Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested Strategy:   [1]  Open short below 5530 with stop loss 5600 for targets 5480 – 5440 – 5390 - 5350.   [2]  Open long above 5530 with stop loss 5440 for targets  5570 – 5600 – 5660 – 5690.

      

Nifty opened negative and registered low of 5500.30 on Monday than turned up towards our buying level and traded with strength in small & truncated week. Nifty gave smart rally towards 5800 and achieved our both upside targets and registered high of 5794.35 in second half. Nifty gained massive 254 points (+ 4.60 %) and closed in green.

                                     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 5750 – 5710 & 2^nd Sup. at 5660 – 5620 and Nifty find 1^st Res. at 5840 – 5870 & 2^nd Res. At 5930 – 5960.

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

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  5840 – 5870 – 5930 – 5960.

NIFTY :: OP = 5508.50 , HI = 5794.35 , LO = 5500.30 , CL = 5783.10.