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 high of 7605.10 than declined sharp and registered low of 7425.80 and achieved our 2^nd down side targets. After that Nifty recovered and turned back towards our shorting level and once again declined sharp towards 7420 and achieved our 2^nd down side targets in second half. Nifty lost massive 163 points ( - 2.15 % ) and closed in red.

                            

                                Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 7460 and it would be declines towards 7370 – 7280 – 7180. Other hand above 7460 Nifty will be traded with positive bias and it would be tries to touch 7550 – 7640 - 7730.  Nifty have 1st Sup. at 7420 – 7370 & 2nd Sup. at 7330 – 7280 & 3rd Sup. at 7240 – 7180 and Nifty find 1st Res. at 7510 – 7550 & 2nd Res. at 7600 –7640 & 3rd Res. at 7690 – 7730.

Positional Trading Strategy:

[1]  Open short below 7460 with stop loss 7550 for targets 7420 – 7370 / 7330 – 7280 / 7240 – 7180. 

              

[2]  Open long above 7460 with stop loss 7370 for targets  7510 – 7550 / 7600 – 7640 / 7690 – 7730.

NIFTY :: OP = 7527.45 , HI = 7605.10 , LO = 7425.80 , CL = 7437.80.

                                               

Ø  Bank Nifty Review

We said last week “ 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. “ Suggested 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 opened negative and traded expected. In first half Bank Nifty registered high of 16156.80 than declined sharp towards 15200 and achieved our all three down side targets. Bank Nifty registered low of 15154.35 in second half.  Bank Nifty lost massive 936 points ( - 5.80 % ) and closed in red.                                                       

                       

                               Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 15200 and it would be declines towards 15020 – 14840 – 14660. Other hand above 15200 Bank Nifty will be traded with positive bias and it would be tries to touch 15380 – 15560 - 15740.  Bank Nifty has 1st Sup. at 15110 – 15020 & 2nd Sup. at 14930 – 14840 & 3rd Sup. at 14750 – 14660 and Bank Nifty find 1st Res. at 15290 – 15380 & 2nd Res. at 15470 – 15560 & 3rd Res. at 15650 - 15740.

Positional Trading Strategy:

[1]  Open short below 15200 with stop loss 15380 for targets 15110 – 15020 / 14930 – 14840 / 14750 – 14660. 

[2]  Open long above 15200 with stop loss 15020 for targets  15290 – 15380 / 15470 – 15560 / 15650 – 15740.

BANK NIFTY :: OP = 15979.05 , HI = 16156.80 , LO = 15154.35 , CL = 15206.30.