Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ 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. “ Suggested 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 opened positive and traded expected. In first half Nifty registered low of 7402.80 and took support near 7420. After that Nifty turned up and gave smart rally above 7550 and achieved our 1^st upside target and registered high of 7575.65 in second half. Nifty gained massive 141 points ( + 1.90 % ) and closed in green.                            

                              Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 7550 and it would be declines towards 7460 – 7370 – 7280. Other hand above 7550 Nifty will be traded with positive bias and it would be tries to touch 7640 – 7730 - 7820.  Nifty have 1st Sup. at 7510 – 7460 & 2nd Sup. at 7420 – 7370 & 3rd Sup. at 7330 – 7280 and Nifty find 1st Res. at 7600 – 7640 & 2nd Res. at 7690 –7730 & 3rd Res. at 7780 – 7820.

We expect volatility to remains in the market on account of RBI Monetary policy review on Tuesday. So be cautious and trade carefully.

Positional Trading Strategy:

[1]  Open short below 7550 with stop loss 7640 for targets 7510 – 7460 / 7420 – 7370 / 7330 – 7280. 

               

[2]  Open long above 7550 with stop loss 7460 for targets  7600 – 7640 / 7690 – 7730 / 7780 – 7820.

NIFTY :: OP = 7468.75 , HI = 7575.65 , LO = 7402.80 , CL = 7563.55.

                                               

Ø  Bank Nifty Review

We said last week “ 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. “ Suggested 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 opened positive and traded expected. In first half Bank Nifty registered high of 15682.65 and achieved our 1^st upside target than turned back toward our shorting level and declined sharp towards 15100 and achieved our 2^nd down side targets. Bank Nifty registered low of 15136.85 after that turned up and tried to reclaim the gains in second half.  Bank Nifty gained 24 points ( + 0.16 % ) and closed in green.        

                                                                      

                                 Bank Nifty Review For This Week

We expect same, 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 = 15667.00 , HI = 15682.65 , LO = 15136.85 , CL = 15522.40.