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 registered high of 6093.35 but not succeeded to sustain above 6070. So Nifty turned back towards our shorting level and declined sharp towards 5870 and achieved our 1^st down side target. Nifty registered low of 5869.50 in second half. Nifty lost massive 143 points (- 2.37 %) and closed in red.

                           For This Week

We expect now, Nifty will be traded with negative bias below 5930 and it would be decline towards 5840 – 5750. Other hand above 5930 Nifty will be traded with positive bias and it would be tries to touch 6020 – 6110.  Nifty have 1^st Sup. at 5840 – 5800 & 2^nd Sup. at 5750 – 5710 and Nifty find 1^st Res. at 5930 – 5960 & 2^nd Res. At 6020 – 6050.

We expect volatility to remains in the market on account of RBI Monetary policy. So be cautious and trade carefully in this week.

Strategy:

[1]  Open short below 5890 with stop loss 5980 for targets 5840 – 5800 – 5750 - 5710. 

            

              

[2]  Open long above 5890 with stop loss 5800 for targets  5930 – 5960 – 6020 – 6050.

NIFTY :: OP = 6009.75 , HI = 6093.35 , LO = 5869.50 , CL = 5886.20.