Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “  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. “ Suggested 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 opened positive and traded expected. In first half Nifty registered low of 7539.50 and achieved our 1^st down side target. After that Nifty turned up towards our buying level and gave smart rally above 7800. Nifty achieves our 2^nd upside targets and registered high of 7864.85 in second half. Nifty gained massive 134 points ( + 1.75 % ) and closed in green.

                                    

                            Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 7820 and it would be declines towards 7730 – 7640 – 7550. Other hand above 7820 Nifty will be traded with positive bias and it would be tries to touch 7910 – 8000 - 8090.  Nifty have 1^st Sup. at 7780 – 7730 & 2^nd Sup. at 7690 – 7640  3^rd Sup. at 7600 – 7550 and Nifty find 1^st Res. at 7870 – 7910 & 2^nd Res. at 7960 –8000 & 3^rd Res. at 8050 – 8090.

This is the small & truncated week with holidays on Thursday, so be cautious and trade carefully. Hence we expect volatility to remain in the market.

Positional Trading Strategy:

[1]  Open short below 7820 with stop loss 7910 for targets 7780 – 7730 / 7690 – 7640 / 7600 – 7550. 

                          

[2]  Open long above 7820 with stop loss 7730 for targets  7870 – 7910 / 7960 – 8000 / 8050 – 8090.

NIFTY :: OP = 7685.85 , HI = 7864.85 , LO = 7539.50 , CL = 7789.30.

                                                

Ø  Bank Nifty Review

We said last week “  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. “ Suggested 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 opened positive and traded expected. In first half Bank Nifty registered low of 15762.20 and achieved our 2^nd down side targets. After that Nifty turned up towards our buying level and gave smart rally towards 16800. Bank Nifty achieved our all three upside targets and registered high of 16781.55 in second half.  Bank Nifty gained massive 483 points ( + 3.00 % ) and closed in green.

                                    

                               Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 16640 and it would be declines towards 16460 – 16280 – 16100. Other hand above 16640 Bank Nifty will be traded with positive bias and it would be tries to touch 16820 – 17000 - 17180.  Bank Nifty has 1^st Sup. at 16550 – 16460 & 2^nd Sup. at 16370 – 16280  3^rd Sup. at 16190 – 16100 and Bank Nifty find 1^st Res. at 16730 – 16820 & 2^nd Res. at 16910 – 17000 & 3^rd Res. at 17090 - 17180.

Positional Trading Strategy:

[1]  Open short below 16640 with stop loss 16820 for targets 16550 – 16460 / 16370 – 16280 / 16190 – 16100. 

[2]  Open long above 16640 with stop loss 16460 for targets  16730 – 16820 / 16910 – 17000 / 17090 – 17180.

BANK NIFTY :: OP = 16222.20 , HI = 16781.55 , LO = 15762.20 , CL = 16612.60.