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 7510 with stop loss 7600 for targets 7460 – 7420 / 7370 – 7330 / 7280 – 7240.   [2]  Open long above 7510 with stop loss 7420 for targets  7550 – 7600 / 7640 – 7690 / 7730 – 7780.

               

Nifty opened positive and traded expected. In first half Nifty registered low of 7405.15 and achieved our 1^st down side target. After that Nifty turned up towards our buying level and gave rally above 7600. Nifty achieved our 1^st upside target and registered high of 7613.60 in second half. Nifty gained 94 points ( + 1.25 % ) and closed in green.                            

                               Nifty Review For This Week

We expect, 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.  Nifty have 1st Sup. at 7550 – 7510 & 2nd Sup. at 7460 – 7420 & 3rd Sup. at 7370 – 7330 and Nifty find 1st Res. at 7640 – 7690 & 2nd Res. at 7730 –7780 & 3rd Res. at 7820 – 7870.

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

Positional Trading Strategy:

[1]  Open short below 7600 with stop loss 7690 for targets 7550 – 7510 / 7460 – 7420 / 7370 – 7330. 

               

[2]  Open long above 7600 with stop loss 7510 for targets  7640 – 7690 / 7730 – 7780 / 7820 – 7870.

NIFTY :: OP = 7542.60 , HI = 7613.60 , LO = 7405.15 , CL = 7604.35. 

                                             

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 low of 15178.30. After that Bank Nifty turned up and gave smart rally and achieved our all three upside targets and registered high of 15704.75 in second half. Bank Nifty gained massive 486 points ( + 3.21 % ) and closed in green.        

                                                                   

                              Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 15650 and it would be declines towards 15470 – 15290 – 15110. Other hand above 15650 Bank Nifty will be traded with positive bias and it would be tries to touch 15830 – 16010 - 16190.  Bank Nifty has 1st Sup. at 15560 – 15470 & 2nd Sup. at 15380 – 15290 & 3rd Sup. at 15200 – 15110 and Bank Nifty find 1st Res. at 15740 – 15830 & 2nd Res. at 15920 – 16010 & 3rd Res. at 16100 - 16190.

Positional Trading Strategy:

[1]  Open short below 15650 with stop loss 15830 for targets 15560 – 15470 / 15380 – 15290 / 15200 – 15110. 

[2]  Open long above 15650 with stop loss 15470 for targets  15740 – 15830 / 15920– 16010 / 16100 – 16190.

BANK NIFTY :: OP = 15309.05 , HI = 15704.75 , LO = 15178.30 , CL = 15654.85.