Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “  Nifty will be traded with negative bias below 8540 and it would be declines towards 8450 – 8360 – 8270. Other hand above 8540 Nifty will be traded with positive bias and it would be tries to touch 8630 – 8720 - 8810. “  We suggested Strategy:   [1]  Open short below 8540 with stop loss 8630 for targets 8500 – 8450 / 8410 – 8360 / 8320 – 8270.   [2]  Open long above 8540 with stop loss 8450 for targets  8590 – 8630 / 8680 – 8720 / 8770 – 8810.

Nifty opened negative and traded expected. In first half Nifty declined sharp towards 8300 and achieved our 2^nd down side targets and registered low of 8321.75. Nifty took support at 8320 then turned up and tried to recover all the losses and registered high of 8548.95 in second half. Nifty gained 11 points ( + 0.13 % ) and closed in green.

                                     

                              Nifty Review For This Week

We expect same, Nifty will be traded with negative bias below 8540 and it would be declines towards 8450 – 8360 – 8270. Other hand above 8540 Nifty will be traded with positive bias and it would be tries to touch 8630 – 8720 - 8810.  Nifty have 1^st Sup. at 8500 – 8450 & 2^nd Sup. at 8410 – 8360  3^rd Sup. at 8320 – 8270 and Nifty find 1^st Res. at 8590 – 8630 & 2^nd Res. at 8680 – 8720 & 3^rd Res. at 8770 - 8810.

We expect volatility to remains in the market on account of RBI Monetary policy review on Tuesday. So be cautious and trade carefully.

Strategy:

[1]  Open short below 8540 with stop loss 8630 for targets 8500 – 8450 / 8410 – 8360 / 8320 – 8270. 

                          

[2]  Open long above 8540 with stop loss 8450 for targets  8590 – 8630 / 8680 – 8720 / 8770 – 8810.

NIFTY :: OP = 8492.10, HI = 8548.95 , LO = 8321.75 , CL = 8532.85.

                                                

Ø  Bank Nifty Review

We said last week “  Bank Nifty will be traded with negative bias below 18620 and it would be declines towards 18440 – 18260 – 18080. Other hand above 18620 Bank Nifty will be traded with positive bias and it would be tries to touch 18800 – 18980 - 19160. “  We suggested Strategy:   [1]  Open short below 18620 with stop loss 18800 for targets 18530 – 18440 / 18350 – 18260 / 18170 – 18080.   [2]  Open long above 18620 with stop loss 18440 for targets  18710 – 18800 / 18890 – 18980 / 19070 – 19160.

Bank Nifty opened negative and traded expected. In first half Bank Nifty declined sharp below 18200 and achieved our 2^nd down side targets and registered low of 18174.20. Bank Nifty took support at 18170 then turned up towards our buying level and achieved our 1^st upside target and registered high of 18828.85 in second half.  Bank Nifty gained 94 points ( + 0.50 % ) and closed in green.

                                    

                             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 has 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 = 18566.55, HI = 18828.55 , LO = 18174.20 , CL = 1729.85.