Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ 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. “ Suggested 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 opened flat and traded expected. In first half Nifty registered high of 7252.40 than turned back towards our shorting level and declined sharp below 7000. Nifty achieved our 2^nd down side targets and registered low of 6961.40 in second half. Nifty lost massive 181 points ( - 2.51 % ) 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.

We expect volatility to remains in the market on account of the Union Budget – 2016 will be presented by Finance Minister Mr. Arun Jaitely on Monday, 29th February in this week. Hence be cautious and trade carefully.

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 = 7208.85 , HI = 7252.40 , LO = 6961.40 , CL = 7029.75.

                                               

Ø  Bank Nifty Review

We said last week “ 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. “ Suggested 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 opened flat and traded expected. In first half Bank Nifty registered high of 14467.15 and achieved our 1^st upside target. After that Bank Nifty turned back towards our shorting level and declined very sharp towards 13500. Bank Nifty achieved our all three down side targets and registered low of 13519.90 in second half. Bank Nifty lost massive 552 points ( - 3.85 % ) and closed in red.        

                                                                      

                              Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 13760 and it would be declines towards 13580 – 13400 – 13220. Other hand above 13760 Bank Nifty will be traded with positive bias and it would be tries to touch 13940 – 14120 - 14300.  Bank Nifty has 1st Sup. at 13670 – 13580 & 2nd Sup. at 13490 – 13400 & 3rd Sup. at 13310 – 13220 and Bank Nifty find 1st Res. at 13850 – 13940 & 2nd Res. at 14030 – 14120 & 3rd Res. at 14210 - 14300.

Positional Trading Strategy:

[1]  Open short below 13760 with stop loss 13940 for targets 13670 – 13580 / 13490 – 13400 / 13310 – 13220. 

[2]  Open long above 13760 with stop loss 13580 for targets  13850 – 13940 / 14030 – 14120 / 14210 – 14300.

BANK NIFTY :: OP = 14331.20 , HI = 14467.15 , LO = 13519.90 , CL = 13791.45.