WEEKLY REVIEW

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened positive and registered high of 5863.40 In first half but not succeeded to sustain above 5840. So Nifty turned back towards our shorting level and declined sharp towards 5600 and achieved our both down side targets Nifty registered low of 5616.85 in second half. Nifty lost 140 points (- 2.42 %) and closed in red.

                              For This Week

We expect now, Nifty will be traded with negative bias below 5660 and it would be decline towards 5570 – 5480. Other hand above 5660 Nifty will be traded with positive bias and it would be tries to touch 5750 – 5840.  Nifty have 1^st Sup. at 5600 – 5570 & 2^nd Sup. at 5510 – 5480 and Nifty find 1^st Res. at 5710 – 5750 & 2^nd Res. At 5800 – 5840.

We expect volatility remains in the market on account of F & O expiry in this week. Hence be cautious and trade carefully.

Strategy:

[1]  Open short below 5660 with stop loss 5750 for targets 5600 – 5570 – 5510 - 5480. 

            

              

[2]  Open long above 5660 with stop loss 5570 for targets  5710 – 5750 – 5800 – 5840.

NIFTY :: OP = 5820.40 , HI = 5863.40 , LO = 5616.85 , CL = 5667.65.