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 high of 7764.45 than turned back towards our shorting level and declined sharp towards 7500. Nifty achieved our 2^nd down side targets and registered low of 7526.70 in second half. Nifty lost massive 157 points ( - 2.05 % ) and closed in red.                           

                               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 7510 – 7460 & 2nd Sup. at 7420 – 7370 & 3rd Sup. at 7330 – 7280 and Nifty find 1st Res. at 7600 – 7640 & 2nd Res. at 7690 –7730 & 3rd Res. at 7780 – 7820.

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 7550 with stop loss 7640 for targets 7510 – 7460 / 7420 – 7370 / 7330 – 7280. 

               

[2]  Open long above 7550 with stop loss 7460 for targets  7600 – 7640 / 7690 – 7730 / 7780 – 7820.

NIFTY :: OP = 7733.15 , HI = 7764.45 , LO = 7526.70 , CL = 7555.20. 

                                             

Ø  Bank Nifty Review

We said last week “ 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. “ Suggested 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 opened positive and traded expected. In first half Bank Nifty registered high of 16278.50 than turned back towards our shorting level and declined sharp below 15500. Bank Nifty achieved our all three down side targets and registered low of 15458.05 in second half. Bank Nifty lost massive 606 points ( - 3.75 % ) and closed in red.        

                                                                    

                             Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 15560 and it would be declines towards 15380 – 15200 – 15020. Other hand above 15560 Bank Nifty will be traded with positive bias and it would be tries to touch 15740 – 15920 - 16100.  Bank Nifty has 1st Sup. at 15470 – 15380 & 2nd Sup. at 15290 – 15200 & 3rd Sup. at 15110 – 15020 and Bank Nifty find 1st Res. at 15650 – 15740 & 2nd Res. at 15830 – 15920 & 3rd Res. at 16010 - 16100.

Positional Trading Strategy:

[1]  Open short below 15560 with stop loss 15740 for targets 15470 – 15380 / 15290 – 15200 / 15110 – 15020. 

[2]  Open long above 15560 with stop loss 15380 for targets  15650 – 15740 / 15830– 15920 / 16010 – 16100.

BANK NIFTY :: OP = 16236.90 , HI = 16278.50 , LO = 15458.05 , CL = 15568.35.