WEEKLY REVIEW

JAY SWAMINARAYAN

We said last week   “   Nifty will be traded with negative bias below 5840 and it would be decline towards 5750 – 5660. Other hand above 5840 Nifty will be traded with positive bias and it would be tries to touch 5930 – 6020.   “   We suggested Strategy:   [1]  Open short below 5840 with stop loss 5930 for targets 5800 – 5750 – 5710 - 5660.   [2]  Open long above 5840 with stop loss 5750 for targets  5870 – 5930 – 5960 – 6020.

Nifty opened positive and traded expected. In first half registered low of 5798.15 then turned up towards our buying level and gave smart rally towards 6140. Nifty achieved our both upside targets and registered high of 6142.50 in second half but faced strong resistance near 6110, So Nifty declined sharp towards 5930 on last day of the week. Nifty gained massive 161 points (+ 2.76 %) and closed in green.

                                                         For This Week

We expect, 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 5960 – 5930 & 2^nd Sup. at 5870 – 5840 and Nifty find 1^st Res. at 6070 – 6110 & 2^nd Res. At 6160 – 6200.

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 6020 with stop loss 6110 for targets 5960 – 5930 – 5870 - 5840. 

            

                        

[2]  Open long above 6020 with stop loss 5930 for targets  6070 – 6110 – 6160 – 6200.

NIFTY :: OP = 5930.30 , HI = 6142.50 , LO = 5798.15 , CL = 6012.10.