Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ 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. “ Suggested 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 opened positive and traded expected. In first half Nifty registered high of 7825.40 than turned back towards our shorting level and declined sharp below 7600. Nifty achieved our 2^nd down side targets and registered low of 7575.30 in second half. Nifty lost massive 171 points ( - 2.20 % ) and closed in red.

                                    

                              Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 7640 and it would be declines towards 7550 – 7460 – 7370. Other hand above 7640 Nifty will be traded with positive bias and it would be tries to touch 7730 – 7820 - 7910.  Nifty have 1st Sup. at 7600 – 7550 & 2nd Sup. at 7510 – 7460 & 3rd Sup. at 7420 – 7370 and Nifty find 1st Res. at 7690 – 7730 & 2nd Res. at 7780 –7820 & 3rd Res. at 7870 – 7910.

We expect volatility to remains in the market on account of FED interest rate decision on Wednesday. So be cautious and trade carefully.

Positional Trading Strategy:

[1]  Open short below 7600 with stop loss 7690 for targets 7550 – 7510 / 7460 – 7420 / 7370 – 7330. 

               

[2]  Open long above 7600 with stop loss 7510 for targets  7640 – 7690 / 7730 – 7780 / 7820 – 7870.

NIFTY :: OP = 7816.55 , HI = 7825.40 , LO = 7575.30 , CL = 7610.45.

                                               

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 positive and traded expected. In first half Bank Nifty registered high of 17031.85 than turned back towards our shorting level and declined sharp below 16300. Bank Nifty achieved our all three down side targets and registered low of 16260.10 in second half.  Bank Nifty lost massive 554 points ( - 3.28 % ) and closed in red.

                                                      

                       

                              Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 16370 and it would be declines towards 16190 – 16010 – 15830. Other hand above 16370 Bank Nifty will be traded with positive bias and it would be tries to touch 16550 – 16730 - 16910.  Bank Nifty has 1st Sup. at 16280 – 16190 & 2nd Sup. at 16100 – 16010 & 3rd Sup. at 15920 – 15830 and Bank Nifty find 1st Res. at 16460 – 16550 & 2nd Res. at 16640 – 16730 & 3rd Res. at 16820 - 16910.

Positional Trading Strategy:

[1]  Open short below 16370 with stop loss 16550 for targets 16280 – 16190 / 16100 – 16010 / 15920 – 15830. 

[2]  Open long above 16370 with stop loss 16190 for targets  16460 – 16550 / 16640 – 16730 / 16820 – 16910.

BANK NIFTY :: OP = 17018.00 , HI = 17031.85 , LO = 16260.10 , CL = 16342.50.