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 7960 with stop loss 8050 for targets 7910 – 7870 / 7820 – 7730 / 7690 – 7640.   [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 registered high of 7937.55 than declined sharp towards 7550 and achieved our all three down side targets. Nifty registered low of 7556.60 in second half. Nifty lost massive 361 points ( - 4.54 % ) 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 7640 – 7690 & 2nd Res. at 7730 –7780 & 3rd Res. at 7820 – 7870.

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 = 7924.55 , HI = 7937.55 , LO = 7556.60 , CL = 7601.35

                

                               

Ø  Bank Nifty Review

We said last week “ Bank Nifty will be traded with negative bias below 17000 and it would be declines towards 16820 – 16640 – 16460. Other hand above 17000 Bank Nifty will be traded with positive bias and it would be tries to touch 17180 – 17360 - 17540. “ Suggested Positional Trading Strategy:   [1]  Open short below 17000 with stop loss 17180 for targets 16910 – 16820 / 16730 – 16640 / 16550 – 16460.   [2]  Open long above 17000 with stop loss 16820 for targets  17090 – 17180 / 17270 – 17360 / 17450 – 17540.

Bank Nifty opened negative and traded expected. In first half Bank Nifty registered high of 16966.35 than declined sharp towards 16000 and achieved our all three down side targets. Nifty registered low of 16049.75 in second half.  Bank Nifty lost massive 896 points ( - 5.26 % ) and closed in red.                                                       

                       

                               Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 16100 and it would be declines towards 15920 – 15740 – 15560. Other hand above 16100 Bank Nifty will be traded with positive bias and it would be tries to touch 16280 – 16460 - 16640.  Bank Nifty has 1st Sup. at 16010 – 15920 & 2nd Sup. at 15830 – 15740 & 3rd Sup. at 15650 – 15560 and Bank Nifty find 1st Res. at 16190 – 16280 & 2nd Res. at 16370 – 16460 & 3rd Res. at 16550 - 16640.

Positional Trading Strategy:

[1]  Open short below 16100 with stop loss 16280 for targets 16010 – 15920 / 15830 – 15740 / 15650 – 15560. 

[2]  Open long above 16100 with stop loss 15920 for targets  16190 – 16280 / 16370 – 16460 / 16550 – 16640.

BANK NIFTY :: OP = 16966.35 , HI = 16966.35 , LO = 16049.75 , CL = 16142.65.