Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “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. “ Suggested 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 opened positive and traded expected. In first half Nifty registered low of 6960.65 than turned up towards our buying level and gave rally above 7200. Nifty achieved our 2^nd upside targets and registered high of 7226.85 in second half. Nifty gained massive 229 points ( + 3.29 % ) and closed in green.                            

                              Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 7190 and it would be declines towards 7100 – 7010 – 6920. Other hand above 7190 Nifty will be traded with positive bias and it would be tries to touch 7280 – 7370 - 7460.  Nifty have 1st Sup. at 7150 – 7100 & 2nd Sup. at 7060 – 7010 & 3rd Sup. at 6970 – 6920 and Nifty find 1st Res. at 7240 – 7280 & 2nd Res. at 7330 –7370 & 3rd Res. at 7420 – 7460.

We expect volatility to remains in the market on account of F & O expiry in this week. Hence be cautious and trade carefully.

Positional Trading Strategy:

[1]  Open short below 7190 with stop loss 7280 for targets 7150 – 7100 / 7060 – 7010 / 6970 – 6920. 

               

[2]  Open long above 7190 with stop loss 7100 for targets  7240 – 7280 / 7330 – 7370 / 7420 – 7460.

NIFTY :: OP = 7057.35 , HI = 7226.85 , LO = 6960.65 , CL = 7210.75.

                                               

Ø  Bank Nifty Review

We said last week “ 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. “ Suggested 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 opened positive and traded expected. In first half Bank Nifty registered high of 14602.25 but failed to sustain at higher level. So Bank Nifty declined very sharp below 14000 and registered low of 13892.10. After that Bank Nifty turned up towards our buying level and achieved our 2^nd upside targets in second half.  Bank Nifty gained massive 372 points ( + 2.67 % ) and closed in green.        

                                                                      

                            Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 14300 and it would be declines towards 14120 – 13940 – 13760. Other hand above 14300 Bank Nifty will be traded with positive bias and it would be tries to touch 14480 – 14660 - 14840.  Bank Nifty has 1st Sup. at 14210 – 14120 & 2nd Sup. at 14030 – 13940 & 3rd Sup. at 13850 – 13760 and Bank Nifty find 1st Res. at 14390 – 14480 & 2nd Res. at 14570 – 14660 & 3rd Res. at 14750 - 14840.

Positional Trading Strategy:

[1]  Open short below 14300 with stop loss 14480 for targets 14210 – 14120 / 14030 – 13940 / 13850 – 13760. 

[2]  Open long above 14300 with stop loss 14120 for targets  14390 – 14480 / 14570 – 14660 / 14750 – 14840.

BANK NIFTY :: OP = 14120.90 , HI = 14602.25 , LO = 13892.10 , CL = 14344.20.