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 with gape down and registered low of 5775.55 in first half but missed our 1^st down side target by few (25) points. In second half Nifty turned up and traded with strength and gave smart rally towards 6020. Nifty registered high of 6019.00 and hit our STOPLOSS FIRST TIME IN SO MANY YEARS. Nifty gained massive 141 points (+ 2.40 %) and closed in green.

                             For This Week

We expect now, 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 5980 – 5930 & 2^nd Sup. at 5890 – 5840 and Nifty find 1^st Res. at 6050 – 6110 & 2^nd Res. At 6140 – 6200.

Strategy:

[1]  Open short below 6020 with stop loss 6110 for targets 5980 – 5930 – 5890 - 5840. 

            

              

[2]  Open long above 6020 with stop loss 5930 for targets  6050 – 6110 – 6140 – 6200.

NIFTY :: OP = 5833.15 , HI = 6019.00 , LO = 5775.55 , CL = 6009.00.