Diwali Special Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

Dear Subscribers & Readers,                           We as a Devsaty stocks would like to take this opportunity to wish you and your family a very Happy Diwali & prosperous New Year. May you all have a super successful trading year ahead. May GOD fulfill all your wishes in wealth, health and happiness in your life.

 

     

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We said last week “Nifty will be traded with negative bias below 8090 and it would be declines towards 8000 – 7910 – 7820. Other hand above 8090 Nifty will be traded with positive bias and it would be tries to touch 8180 – 8270 - 8360. “ Suggested Positional Trading Strategy:   [1]  Open short below 8050 with stop loss 8140 for targets 8000 – 7960 / 7910 – 7870 / 7820 – 7780.   [2]  Open long above 8050 with stop loss 7960 for targets  8090 – 8140 / 8180 – 8230 / 8270 – 8320.

                                                              

Nifty opened negative and traded expected. In first half Nifty registered high of 8116.10 than turned back towards our shorting level and declined sharp towards 7910. Nifty achieves our 1^st down side target and registered low of 7926.15 in second half. Nifty lost 111 points ( - 1.38 % ) and closed in red.

                                    

                                                  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 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.

This is the small & truncated week with Muhurat trading on Wednesday at 5:45 pm to 6:45 pm & holiday on Thursday, so be cautious and trade carefully. Hence we expect volatility to remains in the market.

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 = 8054.55 , HI = 8116.10 , LO = 7926.15 , CL = 7954.30.

                                                

Ø  Bank Nifty Review

We said last week “ Bank Nifty will be traded with negative bias below 17360 and it would be declines towards 17180 – 17000 – 16820. Other hand above 17360 Bank Nifty will be traded with positive bias and it would be tries to touch 17540 – 17720 - 17900. “ Suggested Positional Trading Strategy:   [1]  Open short below 17360 with stop loss 17540 for targets 17270 – 17180 / 17090 – 17000 / 16910 – 16820.   [2]  Open long above 17360 with stop loss 17180 for targets  17450 – 17540 / 17630 – 17720 / 17810 – 17900.

Bank Nifty opened flat and traded expected. In first half Bank Nifty registered high of 17466.20 than turned back towards our shorting level and declined sharp towards 16910. Bank Nifty registered low of 16911.60 and achieved our 2^nd down side targets in second half.  Bank Nifty lost massive 268 points ( - 1.54 % ) and closed in red.

                                    

                                          

                                         Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 17090 and it would be declines towards 16910 – 16730 – 16550. Other hand above 17090 Bank Nifty will be traded with positive bias and it would be tries to touch 17270 – 17450 - 17630.  Bank Nifty has 1^st Sup. at 17000 – 16910 & 2^nd Sup. at 16820 – 16730 & 3^rd Sup. at 16640 – 16550 and Bank Nifty find 1^st Res. at 17180 – 17270 & 2^nd Res. at 17360 – 17450 & 3^rd Res. at 17540 - 17630.

Positional Trading Strategy:

[1]  Open short below 17090 with stop loss 17270 for targets 17000 – 16910 / 16820 – 16730 / 16640 – 16550. 

[2]  Open long above 17090 with stop loss 16910 for targets  17180 – 17270 / 17360 – 17450 / 17540 – 17630.

BANK NIFTY :: OP = 17351.45 , HI = 17466.20 , LO = 16911.60 , CL = 17086.50.