Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “  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. “  We suggested 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 opened with huge down side gap and traded expected. In first half Nifty declined sharp below 7700 and registered low of 7667.25. After that Nifty tried to recover the loss and settled at 8000 in second half. Nifty lost massive 298 points ( - 3.59 % ) and closed in red.

NEW WEEKLY SUPPORT LEVEL AT 8000 FOR NIFTY SPOT :: [ First time in 6 year ]

Below 8000 Nifty have 1^st Sup. at 7960 – 7910 & 2^nd Sup. at 7870 – 7820  3^rdSup. at 7780 – 7730 and Nifty find 1^st Res. at 8050 – 8090 & 2^nd Res. at 8140 –8180 & 3^rd Res. at 8230 – 8270.

Note :: From last 6 year, we posted our ‘weekly review for Nifty’ regularly and in this long period many times Nifty opened gape up or gape down but we never gave new level. This time we saw more down side in Nifty when Nifty was at 8000 on Monday 11:00 AM, so first time we gave New support levels for Nifty in 6 year and as usual Nifty gives full respect to our support levels for rest of the week.

                                    

                               Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 8000 and it would be declines towards 7910 – 7820 – 7730. Other hand above 8000 Nifty will be traded with positive bias and it would be tries to touch 8090 – 8180 - 8270.  Nifty have 1^st Sup. at 7960 – 7910 & 2^nd Sup. at 7870 – 7820  3^rdSup. at 7780 – 7730 and Nifty find 1^st Res. at 8050 – 8090 & 2^nd Res. at 8140 –8180 & 3^rd Res. at 8230 – 8270.

Positional Trading Strategy:

[1]  Open short below 8000 with stop loss 8090 for targets 7960 – 7910 / 7870 – 7820 / 7780 – 7730. 

                          

[2]  Open long above 8000 with stop loss 7910 for targets  8050 – 8090 / 8140 – 8180 / 8230 – 8270.

NIFTY :: OP = 8055.95 , HI = 8091.80 , LO = 7667.25 , CL = 8001.95.

                                                 

Ø  Bank Nifty Review

We said last week “  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. “  We suggested 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 opened with huge down side gape and traded expected. In first half Bank Nifty declined very sharp below 16700 and registered low of 16670.55. After that Bank Nifty tried to recover the losses and settled above 17000 in second half.  Bank Nifty lost massive 845 points ( - 4.68 % ) and closed in red.

                                    

                           Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 17180 and it would be declines towards 17000 – 16820 – 16640. Other hand above 17180 Bank Nifty will be traded with positive bias and it would be tries to touch 17360 – 17540 - 17720.  Bank Nifty has 1^st Sup. at 17090 – 17000 & 2^nd Sup. at 16910 – 16820  3^rd Sup. at 16730 – 16640 and Bank Nifty find 1^st Res. at 17270 – 17360 & 2^nd Res. at 17450 – 17540 & 3^rd Res. at 17630 - 17720.

Positional Trading Strategy:

[1]  Open short below 17180 with stop loss 17360 for targets 17090 – 17000 / 16910 – 16820 / 16730 – 16640. 

[2]  Open long above 17180 with stop loss 17000 for targets  17270 – 17360 / 17450 – 17540 / 17630 – 17720.

BANK NIFTY :: OP = 17446.35 , HI = 17569.80 , LO = 16670.55 , CL = 17211.95.