Weekly Review For Nifty & Bank nifty

JAY SWAMINARAYAN

We said last week “ 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. “ Suggested 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 opened negative and traded expected. In first half Nifty registered high of 7470.90 than declined sharp below 7300 and achieved our 2^nd down side targets and registered low of 7241.50. Nifty took support at 7240 than turned up and tried to recover the loss in second half. Nifty lost 15 points ( - 0.21 % ) and closed in red.

                            

                             Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 7370 and it would be declines towards 7280 – 7190 – 7100. Other hand above 7370 Nifty will be traded with positive bias and it would be tries to touch 7460 – 7550 - 7640.  Nifty have 1st Sup. at 7370 – 7330 & 2nd Sup. at 7280 – 7240 & 3rd Sup. at 7190 – 7150 and Nifty find 1st Res. at 7460 – 7510 & 2nd Res. at 7550 –7600 & 3rd Res. at 7640 – 7690.

This is the small & truncated week with holiday on Monday and also the F & O expiry in this week so be cautious and trade carefully. Hence we expect volatility to remain in the market.

Positional Trading Strategy:

[1]  Open short below 7420 with stop loss 7510 for targets 7370 – 7330 / 7280 – 7240 / 7190 – 7150. 

               

[2]  Open long above 7420 with stop loss 7330 for targets  7460 – 7510 / 7550 – 7600 / 7640 – 7690.

NIFTY :: OP = 7420.35 , HI = 7470.90 , LO = 7241.50 , CL = 7422.45.

                                                

Ø  Bank Nifty Review

We said last week “ 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. “ Suggested 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 opened negative and traded expected. In first half Bank Nifty registered low of 14754.65 and achieved our 2^nd down side targets. After that Bank Nifty tried to recover and turned back towards our buying level and gave smart rally above 15500. Bank Nifty achieved our 2^nd upside targets and registered high of 15575.65 in second half.  Bank Nifty gained massive 291 points ( + 1.92 % ) and closed in green.        

                                              

                       

                               Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 15470 and it would be declines towards 15290 – 15110 – 14930. Other hand above 15470 Bank Nifty will be traded with positive bias and it would be tries to touch 15650 – 15830 - 16010.  Bank Nifty has 1st Sup. at 15380 – 15290 & 2nd Sup. at 15200 – 15110 & 3rd Sup. at 15020 – 14930 and Bank Nifty find 1st Res. at 15560 – 15650 & 2nd Res. at 15740 – 15830 & 3rd Res. at 15920 - 16010.

Positional Trading Strategy:

[1]  Open short below 15470 with stop loss 15650 for targets 15380 – 15290 / 15200 – 15110 / 15020 – 14930. 

[2]  Open long above 15470 with stop loss 15290 for targets  15560 – 15650 / 15740 – 15830 / 15920 – 16010.

BANK NIFTY :: OP = 15165.20 , HI = 15575.65 , LO = 14754.65 , CL = 15497.55.