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  5930 – 5960 – 6020 – 6050.

Nifty opened positive and traded expected. In first half Nifty registered low of 5867.80 than turned up and gave smart rally towards 6020. Nifty registered high of 6019.45 in second half but faced selling pressure near 6020 and on last day of the week Nifty lost some gain. Nifty gained 72 points (+ 1.24 %) 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 = 5877.60 , HI = 6019.45 , LO = 5867.80 , CL = 5944.00.