Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “  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. “ Suggested 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 opened positive and traded expected. In first half Nifty registered low of 7761.85 than turned up towards our buying level and after that gave smart rally above 8000. Nifty achieves our 2^nd upside targets and registered high of 8055.00 in second half. Nifty gained massive 192 points ( + 2.47 % ) and closed in green.

                                     

                             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^rd Sup. at 7780 – 7730 and Nifty find 1^st Res. at 8050 – 8090 & 2^nd Res. at 8140 –8180 & 3^rd Res. at 8230 – 8270.

This is the small & truncated week with holiday on Friday and also the F & O expiry in this week so be cautious and trade carefully. Hence we expect volatility to remains in the market.

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 = 7811.10 , HI = 8055.00 , LO = 7761.85 , CL = 7981.90.

                                                

Ø  Bank Nifty Review

We said last week “  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. “ Suggested 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 opened negative and traded expected. In first half Bank Nifty registered low of 16525.15 than turned up towards our buying level and after that gave smart rally towards 17600. Bank Nifty achieved our all three upside targets and registered high of 17602.00 in second half.  Bank Nifty gained massive 796 points ( + 4.79 % ) and closed in green.

                                    

                              Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 17450 and it would be declines towards 17270 – 17090 – 16910. Other hand above 17450 Bank Nifty will be traded with positive bias and it would be tries to touch 17630 – 17810 - 17990.  Bank Nifty has 1^st Sup. at 17360 – 17270 & 2^nd Sup. at 17180 – 17090  3^rd Sup. at 17000 – 16910 and Bank Nifty find 1^st Res. at 17540 – 17630 & 2^nd Res. at 17720 – 17810 & 3^rd Res. at 17900 - 17990.

Positional Trading Strategy:

[1]  Open short below 17450 with stop loss 17630 for targets 17360 – 17270 / 17180 – 17090 / 17000 – 16910. 

[2]  Open long above 17450 with stop loss 17270 for targets  17540 – 17630 / 17720 – 17810 / 17900 – 17990.

BANK NIFTY :: OP = 16596.50 , HI = 17602.00 , LO = 16525.15 , CL = 17409.15.