Weekly Review

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 registered low of 5825.85 then turned up towards our buying level and gave smart rally towards 6100.  Nifty achieved our both upside targets and registered high of 6107.60 in second half.  Nifty gained massive 188 points (+ 3.20 %) and closed in green.

                                                         For This Week

We expect, Nifty will be traded with negative bias below 6110 and it would be decline towards 6020 – 5930. Other hand above 6110 Nifty will be traded with positive bias and it would be tries to touch 6200 – 6290.  Nifty have 1^st Sup. at 6050 – 6020 & 2^nd Sup. at 5960 – 5930 and Nifty find 1^st Res. at 6160 – 6200 & 2^nd Res. At 6250 – 6290.

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

Strategy:

[1]  Open short below 6110 with stop loss 6200 for targets 6050 – 6020 – 5960 - 5930. 

            

                        

[2]  Open long above 6110 with stop loss 6020 for targets  6160 – 6200 – 6250 – 6290.

NIFTY :: OP = 5889.05 , HI = 6107.60 , LO = 5825.85 , CL = 6096.20.