Once Again We Succeeds As Usual

JAY SWAMINARAYAN

We said last week   “   Nifty will be traded with negative bias below 5570 and it would be decline towards 5480 – 5390. Other hand above 5570 Nifty will be traded with positive bias and it would be tries to touch 5660 – 5750.   “   We suggested Strategy:   [1]  Open short below 5530 with stop loss 5620 for targets 5480 – 5440 – 5390 - 5350.   [2]  Open long above 5530 with stop loss 5440 for targets  5570 – 5600 – 5660 – 5690.

Nifty opened negative and traded expected. In first half Nifty declined sharp below 5300 and registered low of 5254.05. Nifty took support near 5260 then tried to recover the losses and succeeded to do so. In this process Nifty gave smart move towards 5480 in second half. Nifty lost 36 points (- 0.66 %) and closed in red.

Once Again We Succeeds As Usual

Ø  We warned you in our weekly review of 21-07-2013 when Nifty closed at 6029.

Ø  Piz 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.

Our Success

      According to this Nifty registered high of 6093.35 on 23-07-2013 but not succeeded to sustain above 6070 so Nifty declined sharp and register low of 5255 on 22-08-2013.  Thus Nifty lost more than 800 points ( - 13 % ) in just 23 trading sessions ( 5 weeks ) after our warning.

o   Remember Nifty gained more than 500 points in last 4 weeks and closed in green each n every week, when we warned you.

                                                         For This Week

We expect now, Nifty will be traded with negative bias below 5480 and it would be decline towards 5390 – 5300. Other hand above 5480 Nifty will be traded with positive bias and it would be tries to touch 5570 – 5660.  Nifty have 1^st Sup. at 5440 – 5390 & 2^nd Sup. at 5350 – 5300 and Nifty find 1^st Res. at 5510 – 5570 & 2^nd Res. At 5600 – 5660.

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

Strategy:

[1]  Open short below 5480 with stop loss 5570 for targets 5440 – 5390 – 5350 - 5300. 

            

                        

[2]  Open long above 5480 with stop loss 5390 for targets  5510 – 5570 – 5600 – 5660.

NIFTY :: 5497.55 , HI = 5504.10 , LO = 5254.05 , CL = 5471.75.