Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “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. “ Suggested 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 opened negative and traded expected. In first half Nifty registered low of 7914.15 than turned up towards our buying level and achieved our 1^st upside target. After that Nifty declined sharp towards 7730 than once again turned up and achieved our 2^nd upside targets and registered high of 7906.95 in second half. Nifty gained 94 points ( + 1.21 % ) and closed in green.

                                    

                             Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 7820 and it would be declines towards 7730 – 7640 – 7550. Other hand above 7820 Nifty will be traded with positive bias and it would be tries to touch 7910 – 8000 - 8090.  Nifty have 1^st Sup. at 7780 – 7730 & 2^nd Sup. at 7690 – 7640 & 3^rd Sup. at 7600 – 7550 and Nifty find 1^st Res. at 7870 – 7910 & 2^nd Res. at 7960 –8000 & 3^rd Res. at 8050 – 8090.

This is the small & truncated week with holiday on Wednesday and also the F & O expiry in this week so be cautious and trade carefully. Hence we expect volatility to remain in the market.

Positional Trading Strategy:

[1]  Open short below 7820 with stop loss 7910 for targets 7780 – 7730 / 7690 – 7640 / 7600 – 7550. 

                          

[2]  Open long above 7820 with stop loss 7730 for targets  7870 – 7910 / 7960 – 8000 / 8050 – 8090.

NIFTY :: OP = 7732.95 , HI = 7906.95 , LO = 7714.15 , CL = 7856.55.

                                                

Ø  Bank Nifty Review

We said last week “ Bank Nifty will be traded with negative bias below 16910 and it would be declines towards 16730 – 16550 – 16370. Other hand above 16910 Bank Nifty will be traded with positive bias and it would be tries to touch 17090 – 17270 - 17450. “ Suggested 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 opened negative and traded expected. In first half Bank Nifty registered high of 17302.55 and achieved our 2^nd upside targets than declined sharp below 17000 and registered low of 16787.55. After that Bank Nifty turned up towards our buying level and gave smart rally towards 17270 and once again achieved our 2^nd upside targets in second half.  Bank Nifty gained 122 points ( + 0.72 % ) and closed in green.

                                    

                                         

                            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 = 16881.65 , HI = 17032.55 , LO = 16787.55 , CL = 17055.60.