Weekly Review for Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “  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. “  We suggested 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 opened positive and traded expected. In first half Nifty registered low of 8355.40 and took support near our buying level 8360. After that Nifty turned up and gave smart rally above 8600 and achieved our all three upside targets and registered high of 8642.95 in second half. Nifty gained massive 249 points ( + 2.98 % ) and closed in green.

                                     

                                 Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 8630 and it would be declines towards 8540 – 8450 – 8360. Other hand above 8630 Nifty will be traded with positive bias and it would be tries to touch 8720 – 8810 - 8900.  Nifty have 1^st Sup. at 8590 – 8540 & 2^nd Sup. at 8500 – 8450  3^rd Sup. at 8410 – 8360 and Nifty find 1^st Res. at 8680 – 8720 & 2^nd Res. at 8770 – 8810 & 3^rd Res. at 8860 - 8900.

Strategy:

[1]  Open short below 8630 with stop loss 8720 for targets 8590 – 8540 / 8500 – 8450 / 8410 – 8360. 

                          

[2]  Open long above 8630 with stop loss 8540 for targets  8680 – 8720 / 8770 – 8810 / 8860 – 8900.

NIFTY :: OP = 8397.25, HI = 8642.95 , LO = 8355.40 , CL = 8609.85.

                                                

Ø  Bank Nifty Review

We said last week “  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. “  We suggested 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 opened positive and traded expected. In first half Bank Nifty registered low of 19657.60 and took support near our buying level 18710. After that Bank Nifty turned up and gave smart rally above 19200 and achieved our all three upside targets and registered high of 19229.05 in second half. Bank Nifty gained massive 374 points ( + 2.00 % ) and closed in green.

                                    

                                 Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 19070 and it would be declines towards 18890 – 18710 – 18530. Other hand above 19070 Bank Nifty will be traded with positive bias and it would be tries to touch 19250 – 19430 - 19610.  Bank Nifty has 1^st Sup. at 18980 – 18890 & 2^nd Sup. at 18800 – 18710  3^rd Sup. at 18620 – 18530 and Bank Nifty find 1^st Res. at 19160 – 19250 & 2^nd Res. at 19340 – 19430 & 3^rd Res. at 19520 - 19610.

Strategy:

[1]  Open short below 19070 with stop loss 19250 for targets 18980 – 18890 / 18800 – 18710 / 18620 – 18530. 

[2]  Open long above 19070 with stop loss 18890 for targets  19160 – 19250 / 19340 – 19430 / 19520 – 19610.

BANK NIFTY :: OP = 18753.80, HI = 19229.05 , LO = 18657.60 , CL = 19094.70.