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 6050 with stop loss 6140 for targets 6020 – 5960 – 5930 - 5870.   [2]  Open long above 6050 with stop loss 5960 for targets  6070 – 6110 – 6160 – 6200.

Nifty opened positive and traded expected. In first half Nifty achieved our both upside targets and registered high of 6212.40. After that Nifty turned back towards our shorting level and declined sharp towards 5960. Nifty registered low of 5972.80 and achieved our 1^st down side target in second half.  Nifty lost 60 points ( - 1.00 %) and closed in red.

                                        For This Week

We expect same, 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.  Nifty have 1^st Sup. at 5960 – 5930 & 2^nd Sup. at 5870 – 5840 and Nifty find 1^st Res. at 6070 – 6110 & 2^nd Res. At 6160 – 6200.

We expect volatility to remains in the market on account of F & O expiry in this week. Hence be cautious and trade carefully.

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 :: OP = 6111.05 , HI = 6212.40 , LO = 5972.80 , CL = 5995.45.