Weekly Review

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 5570 with stop loss 5660 for targets 5530 – 5480 – 5440 - 5390.   [2]  Open long above 5570 with stop loss 5480 for targets  5600 – 5660 – 5690 – 5750.

Nifty opened positive and traded expected. In first half Nifty registered high of 5754.55 and achieved our both upside targets but faced resistance near 5750. On Friday Nifty turned back towards our shorting level and declined sharp to achieve our 1^st down side target and registered low of 5496.05 in second half. Nifty lost 57 points (- 1.04 %) and closed in red.

                            For This Week

We expect same, 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.  Nifty have 1^st Sup. at 5480 – 5440 & 2^nd Sup. at 5390 – 5350 and Nifty find 1^st Res. at 5570 – 5600 & 2^nd Res. At 5660 – 5690.

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 :: OP = 5606.70 , HI = 5754.55 , LO = 5496.05 , CL = 5507.85.