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 6825.80 and achieved our 2^nd down side targets. After that Nifty turned up towards our buying level and gave smart rally towards 7500. Nifty achieved our all three upside targets and registered high of 7505.90 in second half. Nifty gained massive 455 points ( + 6.48 % ) and closed in green.                            

                              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.

This is the small & truncated week with holidays on Monday, so be cautious and trade carefully. Hence we expect volatility to remain in the market.

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 = 7050.45 , HI = 7505.90 , LO = 6825.80 , CL = 7485.35.      

                                         

Ø  Bank Nifty Review

We said last week “ 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. “ Suggested 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 opened positive and traded expected. In first half Bank Nifty registered low of 13407.25 and achieved our 2^nd down side targets. After that Bank Nifty turned up towards our buying level and gave smart rally towards 15500. Bank Nifty achieved our all three upside targets and registered high of 15451.75 in second half. Bank Nifty gained massive 1547 points ( + 11.22 % ) and closed in green.         

                                                                   

                              Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 15380 and it would be declines towards 15200 – 15020 – 14840. Other hand above 15380 Bank Nifty will be traded with positive bias and it would be tries to touch 15560 – 15740 - 15920.  Bank Nifty has 1st Sup. at 15290 – 15200 & 2nd Sup. at 15110 – 15020 & 3rd Sup. at 14930 – 14840 and Bank Nifty find 1st Res. at 15470 – 15560 & 2nd Res. at 15650 – 15740 & 3rd Res. at 15830 - 15920.

Positional Trading Strategy:

[1]  Open short below 15380 with stop loss 15560 for targets 15290 – 15200 / 15110 – 15020 / 14930 – 14840. 

[2]  Open long above 15380 with stop loss 15200 for targets  15470 – 15560 / 15650 – 15740 / 15830 – 15920.

BANK NIFTY :: OP = 13818.90 , HI = 15451.75 , LO = 13407.25 , CL = 15339.20.