Weekly Review Fir Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ Nifty will be traded with negative bias below 8180 and it would be declines towards 8090 – 8000 – 7910. Other hand above 8180 Nifty will be traded with positive bias and it would be tries to touch 8270 – 8360 - 8450. “ Suggested Positional Trading Strategy:   [1]  Open short below 8180 with stop loss 8270 for targets 8140 – 8090 / 8050 – 8000 / 7960 – 7910.   [2]  Open long above 8180 with stop loss 8090 for targets  8230 – 8270 / 8320 – 8360 / 8410 – 8450.

                                                              

Nifty opened positive and traded expected. In first half Nifty achieves our 1^st down side targets and registered low of 8088.60. Nifty took support at 8090, after that Nifty tried to recover the loss and registered high of 8246.40 in second half. Nifty gained 48 points ( + 0.59 % ) and closed in green.

                                    

                             Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 8230 and it would be declines towards 8140 – 8050 – 7960. Other hand above 8230 Nifty will be traded with positive bias and it would be tries to touch 8320 – 8410 - 8500.  Nifty have 1^st Sup. at 8180 – 8140 & 2^nd Sup. at 8090 – 8050  3^rd Sup. at 8000 – 7960 and Nifty find 1^st Res. at 8270 – 8320 & 2^nd Res. at 8360 –8410 & 3^rd Res. at 8450 – 8500.

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 8230 with stop loss 8320 for targets 8180 – 8140 / 8090 – 8050 / 8000 – 7960. 

                          

[2]  Open long above 8230 with stop loss 8140 for targets  8270 – 8320 / 8360 – 8410 / 8450 – 8500.

NIFTY :: OP = 8231.50 , HI = 8246.40 , LO = 8088.60 , CL = 8238.15.

                                                

Ø  Bank Nifty Review

We said last week “  Bank Nifty will be traded with negative bias below 17540 and it would be declines towards 17360 – 17180 – 17000. Other hand above 17540 Bank Nifty will be traded with positive bias and it would be tries to touch 17720 – 17900 - 18080. “ Suggested Positional Trading Strategy:   [1]  Open short below 17540 with stop loss 17720 for targets 17450 – 17360 / 17270 – 17180 / 17090 – 17000.   [2]  Open long above 17540 with stop loss 17360 for targets  17630 – 17720 / 17810 – 17900 / 17990 – 18080.

Bank Nifty opened positive and traded expected. In first half Bank Nifty registered low of 17434.05 than turned up towards our buying level and gave smart rally above 17900. Bank Nifty achieved our 2^nd upside target and registered high of 17947.75 in second half.  Bank Nifty gained massive 322 points ( + 1.83 % ) and closed in green.

                                    

                                         

                                         Bank Nifty Review For This Week

We expect same, Bank Nifty will be traded with negative bias below 17900 and it would be declines towards 17720 – 17540 – 17360. Other hand above 17900 Bank Nifty will be traded with positive bias and it would be tries to touch 18080 – 18260 - 18440.  Bank Nifty has 1^st Sup. at 17810 – 17720 & 2^nd Sup. at 17630 – 17540  3^rd Sup. at 17450 – 17360 and Bank Nifty find 1^st Res. at 17990 – 18080 & 2^nd Res. at 18170 – 18260 & 3^rd Res. at 18350 - 18440.

Positional Trading Strategy:

[1]  Open short below 17900 with stop loss 18080 for targets 17810 – 17720 / 17630 – 17540 / 17450 – 17360. 

[2]  Open long above 17900 with stop loss 17720 for targets  17990 – 18080 / 18170 – 18260 / 18350 – 18440.

BANK NIFTY :: OP = 17642.60 , HI = 17947.75 , LO = 17434.05 , CL = 17912.85.