Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ Nifty will be traded with negative bias below 7910 and it would be declines towards 7820 – 7730 – 7640. Other hand above 7910 Nifty will be traded with positive bias and it would be tries to touch 8000 – 8090 - 8180. “ Suggested Positional Trading Strategy :   [1]  Open short below 7910 with stop loss 8000 for targets 7870 – 7820 / 7780 – 7730 / 7690 – 7640.  [2]  Open long above 7910 with stop loss 7820 for targets  7960 – 8000 / 8050 – 8090 / 8140 – 8180.

                               

Nifty opened flat and traded expected. In first half Nifty registered high of 7979.30 and almost achieved our 1^st upside target. After that Nifty turned back towards our shorting level and declined sharp below 7800 and achieved our 1^st down side target and registered low of 7775.70 in second half. Nifty lost massive 160 points ( - 2.02 % ) and closed in red.

                                    

                            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 1st Sup. at 7780 – 7730 & 2nd Sup. at 7690 – 7640 & 3rd Sup. at 7600 – 7550 and Nifty find 1st Res. at 7870 – 7910 & 2nd Res. at 7960 –8000 & 3rd Res. at 8050 – 8090.

Positional Trading Strategy:

[1]  Open short below 7780 with stop loss 7870 for targets 7730 – 7690 / 7640 – 7600 / 7550 – 7510. 

               

[2]  Open long above 7780 with stop loss 7690 for targets  7820 – 7870 / 7910 – 7960 / 8000 – 8050.

NIFTY :: OP = 7936.25 , HI = 7979.30 , LO = 7775.70 , CL = 7781.90.

                                               

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 positive and traded expected. In first half Bank Nifty registered high of 17498.35 and almost achieved our 1^st upside target. After that Bank Nifty turned back towards our shorting level than declined sharp below 17000 and achieved our 2^nd down side targets and registered low of 16880.35 in second half.  Bank Nifty lost massive 473 points ( - 2.73 % ) 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 16910 Bank Nifty will be traded with positive bias and it would be tries to touch 17090 – 17270 - 17450.  Bank Nifty has 1st Sup. at 16820 – 16730 & 2nd Sup. at 16640 – 16550 & 3rd Sup. at 16460 – 16370 and Bank Nifty find 1st Res. at 17000 – 17090 & 2nd Res. at 17180 – 17270 & 3rd 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 = 17336.25 , HI = 17498.35 , LO = 16880.35 , CL = 16897.30.