Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “  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. “ Suggested 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 opened flat and traded expected. In first half Nifty registered high of 8043.60 then turned back towards our shorting level and declined sharp below 7700. Nifty achieves our all three down side targets and registered low of 7626.85 in second half. Nifty lost massive 346 points ( - 4.34 % ) and closed in red.

                                    

                                  Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 7640 and it would be declines towards 7550 – 7460 – 7370. Other hand above 7640 Nifty will be traded with positive bias and it would be tries to touch 7730 – 7820 - 7910.  Nifty have 1^st Sup. at 7600 – 7550 & 2^nd Sup. at 7510 – 7460  3^rdSup. at 7420 – 7370 and Nifty find 1^st Res. at 7690 – 7730 & 2^nd Res. at 7780 –7820 & 3^rd Res. at 7870 – 7910.

Positional Trading Strategy:

[1]  Open short below 7640 with stop loss 7730 for targets 7600 – 7550 / 7510 – 7460 / 7420 – 7370. 

                          

[2]  Open long above 7640 with stop loss 7550 for targets  7690 – 7730 / 7780 – 7820 / 7870 – 7910.

NIFTY :: OP = 8009.25 , HI = 8043.60 , LO = 7626.85 , CL = 7655.05.

                                                

Ø  Bank Nifty Review

We said last week “  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. “ Suggested 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 opened negative and traded expected. In first half Bank Nifty registered high of 17353.30 than turned back towards our shorting level and declined very sharp below 16000. Bank Nifty achieved our all three down side targets and registered low of 15933.15 in second half.  Bank Nifty lost massive 1082 points ( - 6.29 % ) and closed in red.

                                    

                               Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 16100 and it would be declines towards 15920 – 15740 – 15560. Other hand above 16100 Bank Nifty will be traded with positive bias and it would be tries to touch 16280 – 16460 - 16640.  Bank Nifty has 1^st Sup. at 16010 – 15920 & 2^nd Sup. at 15830 – 15740  3^rd Sup. at 15650 – 15560 and Bank Nifty find 1^st Res. at 16190 – 16280 & 2^nd Res. at 16370 – 16460 & 3^rd Res. at 16550 - 16640.

Positional Trading Strategy:

[1]  Open short below 16100 with stop loss 16280 for targets 16010 – 15920 / 15830 – 15740 / 15650 – 15560. 

[2]  Open long above 16100 with stop loss 15920 for targets  16190 – 16280 / 16370 – 16460 / 16550 – 16640.

BANK NIFTY :: OP = 17137.25 , HI = 17353.30 , LO = 15933.15 , CL = 16129.10.