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 5960 – 5930 – 5870 - 5840.   [2]  Open long above 6020 with stop loss 5930 for targets  6070 – 6110 – 6160 – 6200.

Nifty opened negative and traded expected. In first half registered high of 5989.40 then turned back and declined sharp towards 5800. Nifty registered low of 5811.10 then tried to recover losses but faced resistance near 5930 so again Nifty declined towards 5800 in second half.  Nifty lost massive 178 points (- 2.98 %) and closed in red.

                              For This Week

We expect, 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.  Nifty have 1^st Sup. at 5780 – 5750 & 2^nd Sup. at 5690 – 5660 and Nifty find 1^st Res. at 5890 – 5930 & 2^nd Res. At 5980 – 6020.

Strategy:

[1]  Open short below 5840 with stop loss 5930 for targets 5780 – 5750 – 5690 - 5660. 

            

                        

[2]  Open long above 5840 with stop loss 5750 for targets  5890 – 5930 – 5980 – 6020.

NIFTY :: OP = 5945.80 , HI = 5989.40 , LO = 5811.10 , CL = 5833.20.