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 achieved our 1^st down side target and registered low of 8448.25 and took support at 8450. After that Nifty turned up and tried to recover the loss and succeeded to do so. Nifty registered high of 8606.30 in second half. Nifty gained 31 points ( + 0.37 % ) 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.

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 = 8510.65, HI = 8606.30 , LO = 8448.25 , CL = 8564.60.

                                                

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 19103.70 and achieved our 2^nd upside targets. After that Bank Nifty declined sharp towards 18850 and lost half of the gains in second half.  Bank Nifty gained 163 points ( + 0.87 % ) and closed in green.

                                    

                             Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 18890 and it would be declines towards 18710 – 18530 – 18350. Other hand above 18890 Bank Nifty will be traded with positive bias and it would be tries to touch 19070 – 19250 - 19430.  Bank Nifty has 1^st Sup. at 18800 – 18710 & 2^nd Sup. at 18620 – 18530  3^rd Sup. at 18440 – 18350 and Bank Nifty find 1^st Res. at 18980 – 19070 & 2^nd Res. at 19160 – 19250 & 3^rd Res. at 19340 - 19430.

Strategy:

[1]  Open short below 18890 with stop loss 19070 for targets 18800 – 18710 / 18620 – 18530 / 18440 – 18350. 

[2]  Open long above 18890 with stop loss 18710 for targets  18980 – 19070 / 19160 – 19250 / 19340 – 19430.

BANK NIFTY :: OP = 18782.65 , HI = 19103.70 , LO = 18758.90 , CL = 18893.55.