WEEKLY REVIEW

JAY SWAMINARAYAN

We said last week   “   Nifty will be traded with negative bias below 6200 and it would be decline towards 6110 – 6020. Other hand above 6200 Nifty will be traded with positive bias and it would be tries to touch 6290 – 6380.   “   We suggested Strategy:   [1]  Open short below 6200 with stop loss 6290 for targets 6140 – 6110 – 6050 - 6020.   [2]  Open long above 6200 with stop loss 6110 for targets  6250 – 6290 – 6340 – 6380.

Nifty opened positive and registered high of 6229.45 on Monday than turned back and declined sharp towards 5930. Nifty achieved our both down side targets and registered low of 5936.80 in second half. Nifty traded with negative bias all the week and lost massive 203 points (- 3.29 %) and closed in red.

                                   For This Week

We expect now, Nifty will be traded with negative bias below 6020 and it would be decline towards 5930 – 5840. Other hand above 6020 Nifty will be traded with positive bias and it would be tries to touch 6110 – 6200.  Nifty have 1^st Sup. at 5960 – 5930 & 2^nd Sup. at 5870 – 5840 and Nifty find 1^st Res. at 6020 – 6070 & 2^nd Res. At 6110 – 6160.

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 5980 with stop loss 6070 for targets 5960 – 5930 – 5870 - 5840. 

          

                

[2]  Open long above 5980 with stop loss 5890 for targets  6020 – 6070 – 6110 – 6160.

NIFTY :: OP = 6198.00 , HI = 6229.45 , LO = 5936.80 , CL = 5983.55.