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 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 opened negative and traded expected. In first half Nifty recovered smartly from lower level and registered high of 7937.75 and turned up towards our shorting level. After that Nifty declined sharp towards 7730 and achieves our 2^nd down side targets and registered low of 7730.90 in second half. Nifty lost massive 192 points ( - 2.41 % ) and closed in red.

                                    

                              Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 7730 and it would be declines towards 7640 – 7550 – 7460. Other hand above 7730 Nifty will be traded with positive bias and it would be tries to touch 7820 – 7910 - 8000.  Nifty have 1^st Sup. at 7690 – 7640 & 2^nd Sup. at 7600 – 7550 & 3^rd Sup. at 7510 – 7460 and Nifty find 1^st Res. at 7780 – 7820 & 2^nd Res. at 7870 –7910 & 3^rd Res. at 7960 – 8000.

Positional Trading Strategy:

[1]  Open short below 7730 with stop loss 7820 for targets 7690 – 7640 / 7600 – 7550 / 7510 – 7460. 

                          

[2]  Open long above 7730 with stop loss 7640 for targets  7780 – 7820 / 7870 – 7910 / 7960 – 8000.

NIFTY :: OP = 7788.25 , HI = 7937.75 , LO = 7730.90 , CL = 7762.25.

                                                

Ø  Bank Nifty Review

We said last week “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. “ Suggested 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 opened negative and traded expected. In first half Bank Nifty registered low of 16587.25 and achieved our all three down side targets than Bank Nifty recovered smartly and registered high of 17069.00 and turned up towards our shorting level. After that once again Bank Nifty declined sharp towards 16730 and achieved our 2^nd down side targets in second half.  Bank Nifty lost 153 points ( - 0.90 % ) and closed in red.

                                    

                                         

                              Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 16910 and it would be declines towards 16730 – 16550 – 16370. Other hand above 17090 Bank Nifty will be traded with positive bias and it would be tries to touch 17090 – 17270 - 17450.  Bank Nifty has 1^st Sup. at 16820 – 16730 & 2^nd Sup. at 16640 – 16550 & 3^rd Sup. at 16460 – 16370 and Bank Nifty find 1^st Res. at 17000 – 17090 & 2^nd Res. at 17180 – 17270 & 3^rd Res. at 17360 - 17450.

Positional Trading Strategy:

[1]  Open short below 16910 with stop loss 17090 for targets 16820 – 16730 / 16640 – 16550 / 16460 – 16370. 

[2]  Open long above 16910 with stop loss 16730 for targets  17000 – 17090 / 17180 – 17270 / 17360 – 17450.

BANK NIFTY :: OP = 16667.90 , HI = 17069.00 , LO = 16587.25 , CL = 16932.85.