Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened flat and registered low of 6032.55 and almost achieved our 1^st down side target in first half. Nifty took support near 6020 then turned up towards our buying level and gave smart rally towards 6200 on Friday.  Nifty achieved our 1^st upside target and registered high of 6201.45 in second half.  Nifty gained massive 93 points (+ 1.53 %) and closed in green.

                                                         For This Week

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We expect now, Nifty will be traded with negative bias below 6200 and it would be decline towards 6110 – 6020. Other hand above 6200 Nifty will be traded with positive bias and it would be tries to touch 6290 – 6380.  Nifty have 1^st Sup. at 6160 – 6110 & 2^nd Sup. at 6070 – 6020 and Nifty find 1^st Res. at 6230 – 6290 & 2^nd Res. At 6320 – 6380.

Strategy:

[1]  Open short below 6200 with stop loss 6290 for targets 6160 – 6110 – 6070 - 6020. 

            

                        

[2]  Open long above 6200 with stop loss 6110 for targets  6230 – 6290 – 6320 – 6380.

NIFTY :: OP = 6093.00 , HI = 6201.45 , LO = 6032.45 , CL = 6199.35.