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 negative and traded expected. In first half Nifty registered high of 8021.60 than turned back towards our shorting level and declined sharp towards 7730. Nifty achieves our all three down side targets and registered low of 7723.25 in second half. Nifty lost 113 points ( - 1.42 % ) and closed in red.

                                    

                               Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 7870 and it would be declines towards 7780 – 7690 – 7600. Other hand above 7870 Nifty will be traded with positive bias and it would be tries to touch 7960 – 8050 - 8140.  Nifty have 1^st Sup. at 7820 – 7780 & 2^nd Sup. at 7730 – 7690  3^rd Sup. at 7640 – 7600 and Nifty find 1^st Res. at 7910 – 7960 & 2^nd Res. at 8000 –8050 & 3^rd Res. at 8090 – 8140.

This is the small & truncated week with RBI Monetary policy on Tuesday & holiday on Friday, so be cautious and trade carefully. Hence we expect volatility to remains in the market.

Positional Trading Strategy:

[1]  Open short below 7870 with stop loss 7960 for targets 7820 – 7780 / 7730 – 7690 / 7640 – 7600. 

                          

[2]  Open long above 7870 with stop loss 7780 for targets  7910 – 7960 / 8000 – 8050 / 8090 – 8140.

NIFTY :: OP = 7911.50 , HI = 8021.60 , LO = 7723.25 , CL = 7868.50.

                                                 

Ø  Bank Nifty Review

We said last week “  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. “ Suggested 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 opened negative and traded expected. In first half Bank Nifty registered high of 17652.35 and achieves our 1^st upside target. After that Bank Nifty turned back towards our shorting level and declined sharp towards 16800 and achieved our all three down side targets and registered low of 16759.00 in second half.  Bank Nifty lost 212 points ( - 1.22 % ) 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 = 17186.05 , HI = 17652.35 , LO = 16759.00 , CL = 17196.65.