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 5780 – 5750 – 5690 - 5660.   [2]  Open long above 5840 with stop loss 5750 for targets  5890 – 5930 – 5980 – 6020.

Nifty opened negative and traded expected. In first half registered low of 5700.95 then turned up towards our buying level and gave smart rally towards 5950.  Nifty achieved our 1^st uoside target and registered high of 5950.45 in second half.  Nifty gained 74 points (+ 1.27 %) and closed in green.

                                                         For This Week

We expect, 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.  Nifty have 1^st Sup. at 5890 – 5840 & 2^nd Sup. at 5800 – 5750 and Nifty find 1^st Res. at 5930 – 5960 & 2^nd Res. At 6020 – 6050.

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 :: OP = 5801.05 , HI = 5950.45 , LO = 5700.95 , CL = 5907.30