WEEKLY REVIEW

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened negative and traded expected. In first half Nifty traded weak and registered low of 5566.25 and achieved our 1^st down side target. Nifty took support at 5570 and turned up towards our buying level and gave smart rally towards 5840 in second half. Nifty traded with strength and achieved our both upside targets and registered high of 5852.95. Nifty gained massive 174 points (+ 3.08 %) and closed in green.

                             For This Week

We expect now, Nifty will be traded with negative bias below 5840 and it would be decline towards 5750 – 5660. Other hand above 5840 Nifty will be traded with positive bias and it would be tries to touch 5930 – 6020.  Nifty have 1^st Sup. at 5780 – 5750 & 2^nd Sup. at 5690 – 5660 and Nifty find 1^st Res. at 5890 – 5930 & 2^nd Res. At 5980 – 6020.

Strategy:

[1]  Open short below 5840 with stop loss 5930 for targets 5780 – 5750 – 5690 - 5660. 

            

              

[2]  Open long above 5840 with stop loss 5750 for targets  5890 – 5930 – 5980 – 6020.

NIFTY :: OP = 5638.05 , HI 5852.95 , LO = 5566.25 , CL = 5842.20.