Weekly Review for Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “  Nifty will be traded with negative bias below 8450 and it would be declines towards 8360 – 8270 – 8180. Other hand above 8450 Nifty will be traded with positive bias and it would be tries to touch 8540 – 8630 - 8720. “  We suggested Strategy:   [1]  Open short below 8450 with stop loss 8540 for targets 8410 – 8360 / 8320 – 8270 / 8230 – 8180.   [2]  Open long above 8450 with stop loss 8360 for targets  8500 – 8540 / 8590 – 8630 / 8680 – 8720.

Nifty opened with down gape and traded expected. In first half Nifty took support near 8360 then turned up towards our buying level and registered high of 8561.35 and achieved our 1^st upside target. After that Nifty turned back towards our shorting level and declined sharp towards 8300. Nifty achieved our 1^st down side target and registered low of 8315.40 in second half. Nifty lost 124 points ( - 1.47 % ) and closed in red.

                                    

                               Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 8360 and it would be declines towards 8270 – 8180 – 8090. Other hand above 8360 Nifty will be traded with positive bias and it would be tries to touch 8450 – 8540 - 8630.  Nifty have 1^st Sup. at 8320 – 8270 & 2^nd Sup. at 8230 – 8180  3^rd Sup. at 8140 – 8090 and Nifty find 1^st Res. at 8410 – 8450 & 2^nd Res. at 8500 – 8540 & 3^rd Res. at 8590 - 8630.

Strategy:

[1]  Open short below 8360 with stop loss 8450 for targets 8320 – 8270 / 8230 – 8180 / 8140 – 8090. 

           

               

[2]  Open long above 8360 with stop loss 8270 for targets  8410 – 8450 / 8500 – 8540 / 8590 – 8630.

NIFTY :: OP = 8386.15, HI = 8561.35 , LO = 8315.40 , CL = 8360.55.

                                               

                                 Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 18710 and it would be declines towards 18530 – 18350 – 18170. Other hand above 18710 Bank Nifty will be traded with positive bias and it would be tries to touch 18890 – 19070 - 19250.  Bank Nifty have 1^st Sup. at 18620 – 18530 & 2^nd Sup. at 18440 – 18350  3^rd Sup. at 18260 – 18170 and Bank Nifty find 1^st Res. at 18800 – 18890 & 2^nd Res. at 18980 – 19070 & 3^rd Res. at 19160 - 19250.

Strategy:

[1]  Open short below 18710 with stop loss 18890 for targets 18620 – 18530 / 18440 – 18350 / 18260 – 18170. 

                          

[2]  Open long above 18710 with stop loss 18530 for targets  18800 – 18890 / 18980 – 19070 / 19160 – 19250.

BANK NIFTY :: OP = 18488.35, HI = 18980.65 , LO = 18402.85 , CL = 18719.80.