WEEKLY REVIEW

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened positive and traded expected. In first half Nifty registered high of 6011.00 but not succeeded to sustain above 6020. So Nifty turned back and declined sharp towards 5840 and achieved our 1^st down side target. Nifty registered low of 5869.50 in second half. Nifty lost 104 points (- 1.75 %) and closed in red.

                                  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 5840 – 5780 & 2^nd Sup. at 5750 – 5690 and Nifty find 1^st Res. at 5930 – 5980 & 2^nd Res. At 6020 – 6070.

Strategy:

[1]  Open short below 5870 with stop loss 5980 for targets 5840 – 5780 – 5750 - 5690. 

            

              

[2]  Open long above 5870 with stop loss 5800 for targets  5930 – 5980 – 6020 – 6070.

NIFTY :: OP = 5997.35 , HI = 6011.00 , LO = 5869.50 , CL = 5881.00.