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 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 opened negative and traded expected.  In first half Nifty declined sharp towards 5900 and achieved our 1^st down side target and registered low of 5910.95. Nifty took support near 5930 then turned up and tried to recover losses and succeeded to turn in green. Nifty registered high of 6019.00 in second half and gained 20 points (+ 0.34 %) and closed in green.

                             For This Week

We expect same for this 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.  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.

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

Ø  Plz keep close eye on 6070 level, in any situations if Nifty fails to cross and sustains above 6070 than it will be in big-big trouble in upcoming weeks. Other hand once Nifty succeeds to move above and sustain above 6070 than it is very good for the market and bright chance for Nifty to register new high in upcoming weeks.

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 = 5991.20 , HI = 6051.10 , LO = 5910.95 , CL = 6029.20.