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 – 7190. 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 – 7190.   [2]  Open long above 7460 with stop loss 7370 for targets  7510 – 7550 / 7600 – 7640 / 7690 – 7730.

               

Nifty opened flat and traded expected. In first half Nifty registered high of 7512.55 than turned back towards our shorting level and declined very sharp below 7000. Nifty achieved our all three down side targets and registered low of 6869.00 in second half. Nifty lost massive 508 points ( - 6.79 % ) and closed in red.                            

                                Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 7010 and it would be declines towards 6920 – 6830 – 6740. Other hand above 7010 Nifty will be traded with positive bias and it would be tries to touch 7100 – 7190 - 7280.  Nifty have 1st Sup. at 6970 – 6920 & 2nd Sup. at 6880 – 6830 & 3rd Sup. at 6790 – 6740 and Nifty find 1st Res. at 7060 – 7100 & 2nd Res. at 7150 –7190 & 3rd Res. at 7240 – 7280.

Positional Trading Strategy:

[1]  Open short below 7010 with stop loss 7100 for targets 6970 – 6920 / 6880 – 6830 / 6790 – 6740. 

               

[2]  Open long above 7010 with stop loss 6920 for targets  7060 – 7100 / 7150 – 7190 / 7240 – 7280.

NIFTY :: OP = 7489.70 , HI = 7512.55 , LO = 6869.00 , CL = 6980.95.

                                               

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 positive and traded expected. In first half Bank Nifty registered high of 15367.90 and achieved our 1^st upside target. After that Bank Nifty turned back towards our shorting level and declined very sharp below 14000. Bank Nifty registered low of 13810.60 and achieved our all three down side targets in second half.  Bank Nifty lost massive 1190 points ( - 7.85 % ) and closed in red.         

                                                                      

                             Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 13940 and it would be declines towards 13760 – 13580 – 13400. Other hand above 13940 Bank Nifty will be traded with positive bias and it would be tries to touch 14120 – 14300 - 14480.  Bank Nifty has 1st Sup. at 13850 – 13760 & 2nd Sup. at 13670 – 13580 & 3rd Sup. at 13490 – 13400 and Bank Nifty find 1st Res. at 14030 – 14120 & 2nd Res. at 14210 – 14300 & 3rd Res. at 14390 - 14480.

Positional Trading Strategy:

[1]  Open short below 13940 with stop loss 14120 for targets 13850 – 13760 / 13670 – 13580 / 13490 – 13400. 

[2]  Open long above 13940 with stop loss 13760 for targets  14030 – 14120 / 14210 – 14300 / 14390 – 14480.

BANK NIFTY :: OP = 14088.60 , HI = 14154.55 , LO = 13810.60 , CL = 13971.50.