WEEKLY RVIEW

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened negative and traded expected. In first half Nifty achieved our 1^st down side target and registered low of 5970.05. Nifty took support near 5980 than turned up and achieved our both upside targets. Nifty gave smart rally towards 6200 and registered high of 6199.95 in second half. Nifty gained 80 points (+ 1.31 %) and closed in green.

                                      For This Week

We expect now, 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.  Nifty have 1^st Sup. at 6140 – 6110 & 2^nd Sup. at 6050 – 6020 and Nifty find 1^st Res. at 6250 – 6290 & 2^nd Res. At 6340 – 6380.

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 :: OP = 6098.20 , HI = 6199.95 , LO = 5970.05 , CL = 6187.30.