WEEKLY REVIEW

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened flat and traded expected. In first half Nifty registered high of 5904.35 than suddenly turned back and declined sharp towards 5750. Nifty registered low of 5760.40 and took support near 5750 then tried to recover the losses and heading towards 5900 and turned in green in second half. Nifty gained 25 points (+ 0.44 %) and closed in green.

                            For This Week

We expect same, 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 = 5834.10 , HI = 5904.35 , LO = 5760.40 , CL = 5867.90.