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 traded with strength and registered high of 6133.75 and almost achieved our both upside targets. On last day of the week Nifty turned back and declined sharp towards 5980. Nifty registered low of 5975.55 and lost all the gains in second half. Nifty gained 02 points (+ 0.04 %) and closed in green.

                                  For This Week

We expect same, 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.

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 = 5989.40 , HI = 6133.75 , LO = 5975.55 , CL = 5985.95.