Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week 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. “ Suggested 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 opened flat and traded expected. In first half Nifty registered low of 7691.20 and achieved our 2^nd down side targets. Nifty took support near 7690 and then turned up towards our buying level and gave smart rally towards 8000. Nifty achieves our 1^st upside target and registered high of 8008.25 in second half. Nifty gained 82 points ( + 1.05 % ) and closed in green.

                                    

                            Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 7960 and it would be declines towards 7870 – 7780 – 7690. Other hand above 7960 Nifty will be traded with positive bias and it would be tries to touch 8050 – 8140 - 8270.  Nifty have 1^st Sup. at 7910 – 7870 & 2^nd Sup. at 7820 – 7780  3^rd Sup. at 7730 – 7690 and Nifty find 1^st Res. at 8000 – 8050 & 2^nd Res. at 8090 –8140 & 3^rd Res. at 8180 – 8230.

Positional Trading Strategy:

[1]  Open short below 7960 with stop loss 8050 for targets 7910 – 7870 / 7820 – 7780 / 7730 – 7690. 

                          

[2]  Open long above 7960 with stop loss 7870 for targets  8000 – 8050 / 8090 – 8140 / 8180 – 8230.

NIFTY :: OP = 7892.80 , HI = 8008.25 , LO = 7691.20 , CL = 7950.90.

                                                

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 positive and traded expected. In first half Bank Nifty achieves our 1^st upside target than turned back towards our shorting level and declined very sharp and achieved our all three down side targets on Tuesday before RBI Monetary policy announcement and registered low of 16648.30. After RBI’s surprised positive announcement of 0.50 basis points rate cut, Bank Nifty recovered sharply and turned up towards our buying level and once again achieves our 1^st upside target and registered high of  17461.35. But Bank Nifty not succeeded to hold the gains in second half.  Bank Nifty lost 46 points ( - 0.27 % ) and closed in red.

                                    

                                Bank Nifty Review For This Week

We expect same, 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.