Weekly Review....Once Again We Succeeds As Usual

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened negative and traded expected. In first half Nifty registered high of 5886.00 than declined sharp towards 5660 and achieved our both down side targets. Nifty traded weak and closed in red all days of the week. Nifty registered low of 5649.00 in second half. Nifty lost massive 198 points (- 3.54 %) 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. 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.

Our Success

      Nifty registered high of 6093.35 on 23-07-2013 than declined sharp and register low of 5649.00 on 02-08-2013.  Thus Nifty lost more than 400 points in just 8 trading sessions.

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 5660 and it would be decline towards 5570 – 5480. Other hand above 5660 Nifty will be traded with positive bias and it would be tries to touch 5750 – 5840.  Nifty have 1^st Sup. at 5620 – 5570 & 2^nd Sup. at 5530 – 5480 and Nifty find 1^st Res. at 5690 – 5750 & 2^nd Res. At 5780 – 5840.

This is the small & truncated week with holiday on Friday. Hence we expect volatility to remain in the market, so be cautious and trade carefully.

Strategy:

[1]  Open short below 5660 with stop loss 5750 for targets 5620 – 5570 – 5530 - 5480. 

            

              

[2]  Open long above 5660 with stop loss 5570 for targets  5690 – 5750 – 5780 – 5840.

NIFTY :: OP = 5869.95 , HI = 5886.00 , LO = 5649.00 , CL = 5677.90.