Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ Nifty will be traded with negative bias below 7730 and it would be declines towards 7640 – 7550 – 7460. Other hand above 7730 Nifty will be traded with positive bias and it would be tries to touch 7820 – 7910 - 8000. “ Suggested Positional Trading Strategy :   [1]  Open short below 7730 with stop loss 7820 for targets 7690 – 7640 / 7600 – 7550 / 7510 – 7460.   [2]  Open long above 7730 with stop loss 7640 for targets  7780 – 7820 / 7870 – 7910 / 7960 – 8000.

               

Nifty opened positive and traded expected. In first half Nifty registered low of 7582.25 and achieved our 1^st down side target. After that Nifty turned up and tried to recover the loss and registered high of 7777.60 in second half. Nifty lost 3 points ( - 0.04 % ) and closed in red.                            

                           Nifty Review For This Week

We expect same, Nifty will be traded with negative bias below 7730 and it would be declines towards 7640 – 7550 – 7460. Other hand above 7730 Nifty will be traded with positive bias and it would be tries to touch 7820 – 7910 - 8000.  Nifty have 1st Sup. at 7690 – 7640 & 2nd Sup. at 7600 – 7550 & 3rd Sup. at 7510 – 7460 and Nifty find 1st Res. at 7780 – 7820 & 2nd Res. at 7870 –7910 & 3rd Res. at 7960 – 8000.

We expect volatility to remains in the market on account of RBI Monetary policy review on Tuesday. So be cautious and trade carefully.

Positional Trading Strategy:

[1]  Open short below 7730 with stop loss 7820 for targets 7690 – 7640 / 7600 – 7550 / 7510 – 7460. 

               

[2]  Open long above 7730 with stop loss 7640 for targets  7780 – 7820 / 7870 – 7910 / 7960 – 8000.

NIFTY :: OP = 7741.00 , HI = 7777.60 , LO = 7582.25 , CL = 7713.05. 

                                             

Ø  Bank Nifty Review

We said last week “ Bank Nifty will be traded with negative bias below 15920 and it would be declines towards 15740 – 15560 – 15380. Other hand above 15920 Bank Nifty will be traded with positive bias and it would be tries to touch 16100 – 16280 - 16460. “ Suggested Positional Trading Strategy:   [1]  Open short below 15920 with stop loss 16100 for targets 15830 – 15740 / 15650 – 15560 / 15470 – 15380.   [2]  Open long above 15920 with stop loss 15740 for targets  16010 – 16100 / 16190– 16280 / 16370 – 16460.

Bank Nifty opened negative and traded expected. In first half Bank Nifty registered low of 15522.20 and achieved our 2^nd down side targets. After that Bank Nifty turned up towards our buying level and then registered high of 16282.75 and achieved our 2^nd upside targets in second half. Bank Nifty gained 287 points ( + 1.81 % ) and closed in green.        

                                                                    

                               Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 16190 and it would be declines towards 16010 – 15830 – 15650. Other hand above 16190 Bank Nifty will be traded with positive bias and it would be tries to touch 16370 – 16550 - 16730.  Bank Nifty has 1st Sup. at 16100 – 16010 & 2nd Sup. at 15920 – 15830 & 3rd Sup. at 15740 – 15650 and Bank Nifty find 1st Res. at 16280 – 16370 & 2nd Res. at 16460 – 16550 & 3rd Res. at 16640 - 16730.

Positional Trading Strategy:

[1]  Open short below 16190 with stop loss 16370 for targets 16100 – 16010 / 15920 – 15830 / 15740 – 15650. 

[2]  Open long above 16190 with stop loss 16010 for targets  16280 – 16370 / 16460– 16550 / 16640 – 16730.

BANK NIFTY :: OP = 15867.75 , HI = 16282.75 , LO = 15522.20 , CL = 16174.90.