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 registered high of 8530.60 then turned back and declined sharp towards 8200. Nifty achieved our all three down side targets and registered low of 8225.05 in second half. Nifty lost massive 218 points ( - 2.57 % ) and closed in red.

                                    

                                Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 8270 and it would be declines towards 8180 – 8090 – 8000. Other hand above 8270 Nifty will be traded with positive bias and it would be tries to touch 8360 – 8450 - 8540.  Nifty have 1^st Sup. at 8230 – 8180 & 2^nd Sup. at 8140 – 8090  3^rd Sup. at 8050 – 8000 and Nifty find 1^st Res. at 8320 – 8360 & 2^nd Res. at 8410 – 8450 & 3^rd Res. at 8500 - 8540.

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 8270 with stop loss 8360 for targets 8230 – 8180 / 8140 – 8090 / 8050 – 8000. 

                          

[2]  Open long above 8270 with stop loss 8180 for targets  8320 – 8360 / 8410 – 8450 / 8500 – 8540.

NIFTY :: OP = 8530.50 , HI = 8530.60 , LO = 8225.05 , CL = 8299.95.

                                                

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 high of 18896.45 and achieved our 1^st upside target. After that Bank Nifty turned back towards our shorting level and declined very sharp below 17800. Bank Nifty achieved our all three down side targets and registered low of 17842.10 in second half.  Bank Nifty lost massive 666 points ( - 3.56 % ) and closed in red.

                                    

                              Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 18080 and it would be declines towards 17900 – 17720 – 17540. Other hand above 18080 Bank Nifty will be traded with positive bias and it would be tries to touch 18260 – 18440 - 18620.  Bank Nifty has 1^st Sup. at 17990 – 17900 & 2^nd Sup. at 17810 – 17720  3^rd Sup. at 17630 – 17540 and Bank Nifty find 1^st Res. at 18170 – 18260 & 2^nd Res. at 18350 – 18440 & 3^rd Res. at 18530 - 18620.

Strategy:

[1]  Open short below 18080 with stop loss 18260 for targets 17990 – 17900 / 17810 – 17720 / 17630 – 17540. 

[2]  Open long above 18080 with stop loss 17900 for targets  18170 – 18260 / 18350 – 18440 / 18530 – 18440.

BANK NIFTY :: OP = 18763.05 , HI = 18896.45 , LO = 17842.10 , CL = 18057.20.