Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened flat and traded expected. In first half Nifty registered low of 5928.45 than turned up and achieved our both upside targets. Nifty gave smart rally towards 6110 and registered high of 6114.55 in second half. Nifty gained massive 163 points (+ 2.74 %) and closed in green.

                                     For This Week

We expect now, Nifty will be traded with negative bias below 6110 and it would be decline towards 6020 – 5930. Other hand above 6110 Nifty will be traded with positive bias and it would be tries to touch 6200 – 6290.  Nifty have 1^st Sup. at 6070 – 6020 & 2^nd Sup. at 5980 – 5930 and Nifty find 1^st Res. at 6140 – 6200 & 2^nd Res. At 6230 – 6290.

Strategy:

[1]  Open short below 6110 with stop loss 6200 for targets 6070 – 6020 – 5980 - 5930. 

           

               

[2]  Open long above 6110 with stop loss 6020 for targets  6140 – 6200 – 6230 – 6290.

NIFTY :: OP = 5944.90 , HI = 6114.55 , LO = 5928.45 , CL = 6107.25.