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 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 opened positive and traded expected. In first half Nifty registered high of 5931.65 but not succeeded to sustain above 5930. So Nifty turned back towards our shorting level and declined sharp towards 5660 and achieved our both down side targets and registered low of 5683.10 in second half. On last day of the week Nifty tried to recover losses and succeeds to close above 5800. Nifty lost 72 points (- 1.23 %) and closed in red.

                           For This Week

We expect now, Nifty will be traded with negative bias below 5750 and it would be decline towards 5660 – 5570. Other hand above 5750 Nifty will be traded with positive bias and it would be tries to touch 5840 – 5930.  Nifty have 1^st Sup. at 5780 – 5750 & 2^nd Sup. at 5690 – 5660 and Nifty find 1^st Res. at 5840 – 5890 & 2^nd Res. At 5930 – 5980.

We expect volatility to remains in the market on account of RBI Monetary policy on Monday. So be cautious and trade carefully in this week.

Strategy:

[1]  Open short below 5800 with stop loss 5890 for targets 5750 – 5690 – 5660 - 5600. 

            

              

[2]  Open long above 5800 with stop loss 5710 for targets  5840 – 5890 – 5930 – 5980.

NIFTY :: OP = 5907.90 , HI = 5931.65 , LO = 5683.10 , CL = 5808.40.