Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ 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. “ Suggested 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 opened negative and traded expected. In first half Nifty registered low of 7551.05 than turned up towards our buying level and gave smart rally towards 7870.  Nifty achieved our all three upside targets and registered high of 7852.90 in second half. Nifty gained massive 151 points ( + 1.51 % ) and closed in green.

                                    

                             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 1st Sup. at 7690 – 7640 & 2nd Sup. at 7600 – 7550 & 3rd Sup. at 7510 – 7460 and Nifty find 1st Res. at 7780 – 7820 & 2nd Res. at 7870 –7910 & 3rd Res. at 7960 – 8000.

This is the small & truncated week with holidays on Friday, so be cautious and trade carefully. Hence we expect volatility to remain in the market.

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 = 7558.20 , HI = 7852.90 , LO = 7551.05 , CL = 7761.95.

                                      

        

Ø  Bank Nifty Review

We said last week “ 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. “ Suggested 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 opened negative and traded expected. In first half Bank Nifty registered low of 16188.05 and achieved our 1^st down side target. After that Bank Nifty turned up towards our buying level and then rallied towards 16800. Bank Nifty achieved our 2^nd upside targets and registered high of 16771.80 in second half.  Bank Nifty gained massive 251 points ( + 1.54 % ) and closed in green.

                                                      

                       

                                         Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 16550 and it would be declines towards 16370 – 16190 – 16010. Other hand above 16550 Bank Nifty will be traded with positive bias and it would be tries to touch 16730 – 16910 - 17090.  Bank Nifty has 1st Sup. at 16460 – 16370 & 2nd Sup. at 16280 – 16190 & 3rd Sup. at 16100 – 16010 and Bank Nifty find 1st Res. at 16640 – 16730 & 2nd Res. at 16820 – 16910 & 3rd Res. at 17000 - 17090.

Positional Trading Strategy:

[1]  Open short below 16550 with stop loss 16730 for targets 16460 – 16370 / 16280 – 16190 / 16100 – 16010. 

[2]  Open long above 16550 with stop loss 16370 for targets  16640 – 16730 / 16820 – 16910 / 17000 – 17090.

BANK NIFTY :: OP = 16212.40 , HI = 16771.80 , LO = 16188.05 , CL = 16594.30.