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 6140 with stop loss 6230 for targets 6110 – 6050 – 6020 - 5960.   [2]  Open long above 6140 with stop loss 6050 for targets  6160 – 6200 – 6250 – 6290.

Nifty opened negative and traded expected. In first half Nifty registered high of 6141.65 then turned back and declined sharp towards 5930. Nifty registered low of 5972.45 and achieved our both down side targets in second half.  Nifty lost 84 points ( - 1.38 %) and closed in red.

                                                 For This Week

We expect now, 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.

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 :: OP = 6110.40 , HI = 6141.65 , LO = 5972.45 , CL = 6056.15.