Weekly Review

JAY SWAMINARAYAN

We said last week   “   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.   “   We suggested 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 opened positive and traded expected. In first half Nifty registered low of 6116.60 then tried to recover losses and turned up towards 6250. Nifty registered high of 6252.45 but not able to sustained above 6200 in second half.  Nifty lost 44 points (- 0.72 %) and closed in red.

                                                         For This Week

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.

We expect volatility to remains in the market on account of RBI Monetary policy on Tuesday & F & O expiry in this week. So be cautious and trade carefully in this week.

Strategy:

[1]  Open short below 6160 with stop loss 6250 for targets 6110 – 6070 – 6020 - 5980. 

            

                        

[2]  Open long above 6160 with stop loss 6070 for targets  6200 – 6230 – 6290 – 6320.

NIFTY :: OP = 6202.00 , HI = 6252.45 , LO = 6116.60 , CL = 6144.90.