Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ 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. “ Suggested 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 opened positive and registered high of 7600.45 but failed to sustain above 7600 in first half. After that Nifty turned back sharply and hit our stop loss. [ Nifty Hit Our Stop Loss, It Happens 5^th Time In Last 6 Years ]. Nifty registered low of 7350.30 and took support near 7370 than tried to recover the losses in second half. Nifty lost 74 points ( - 0.98 % ) 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 – 7190. 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 – 7190 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 – 7190. 

               

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

NIFTY :: OP = 7589.50 , HI = 7600.45 , LO = 7350.30 , CL = 7489.10.

                                               

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 15565.50 than turned back towards our shorting level and declined sharp towards 14750. Bank Nifty achieved our all three down side targets and registered low of 14761.40, after that Bank Nifty turned up and tried to recover the losses in second half.  Bank Nifty lost massive 360 points ( - 2.32 % ) 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 = 15547.75 , HI = 15585.50 , LO = 14761.40 , CL = 15162.05.