Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “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. “ Suggested 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 opened positive and traded expected. In first half Nifty registered low of 8217.15 and took support near 8230. After that Nifty turned up towards our buying level and achieves our 1^st upside target and registered high of 8328.10 in second half. Nifty gained 57 points ( + 0.70 % ) and closed in green.

                                    

                              Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 8270 and it would be declines towards 8180 – 8090 – 8000. Other hand above 8270 Nifty will be traded with positive bias and it would be tries to touch 8360 – 8450 - 8560.  Nifty have 1^st Sup. at 8230 – 8180 & 2^nd Sup. at 8140 – 8090 & 3^rd Sup. at 8050 – 8000 and Nifty find 1^st Res. at 8320 – 8360 & 2^nd Res. at 8410 –8450 & 3^rd Res. at 8500 – 8540.

We expect volatility to remains in the market on account of F & O expiry in this week. Hence be cautious and trade carefully.

Positional Trading Strategy:

[1]  Open short below 8270 with stop loss 8360 for targets 8230 – 8180 / 8140 – 8090 / 8050 – 8000. 

                          

[2]  Open long above 8270 with stop loss 8180 for targets  8320 – 8360 / 8410 – 8450 / 8500 – 8540.

NIFTY :: OP = 8262.55 , HI = 8328.10 , LO = 8217.15 , CL = 8295.45.

                                                

Ø  Bank Nifty Review

We said last week “  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. “ Suggested 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 opened flat and traded expected. In first half Bank Nifty registered low of 17565.35 and achieved our 2^nd down side targets. Bank Nifty took support near 17540 than turned up and tried to recover the loss and registered high of 17980.50 in second half.  Bank Nifty gained 21 points ( + 0.12 % ) 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 = 17911.65 , HI = 17980.50 , LO = 17565.35 , CL = 17934.05.