Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ 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. “ Suggested 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 opened positive and traded expected. In first half Nifty registered low of 7516.85 than turned up towards our buying level and then gave smart rally above 7800. Nifty achieved our all three upside targets and registered high of 7864.80 in second half. Nifty gained massive 295 points ( + 3.91 % ) and closed in green.                           

                         Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 7820 and it would be declines towards 7730 – 7640 – 7550. Other hand above 7550 Nifty will be traded with positive bias and it would be tries to touch 7910 – 8000 - 8090.  Nifty have 1st Sup. at 7780 – 7730 & 2nd Sup. at 7690 – 7640 & 3rd Sup. at 7600 – 7550 and Nifty find 1st Res. at 7870 – 7910 & 2nd Res. at 7960 –8000 & 3rd Res. at 8050 – 8090.

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

Positional Trading Strategy:

[1]  Open short below 7820 with stop loss 7910 for targets 7780 – 7730 / 7690 – 7640 / 7600 – 7550. 

               

[2]  Open long above 7820 with stop loss 7730 for targets  7870 – 7910 / 7960 – 8000 / 8050 – 8090.

NIFTY :: OP = 7577.80 , HI = 7864.80 , LO = 7516.85 , CL = 7850.45. 

                                             

Ø  Bank Nifty Review

We said last week “ 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. “ Suggested 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 opened positive and traded expected. In first half Bank Nifty registered low of 15440.25 than turned up towards our buying level and then gave smart rally above 16300. Bank Nifty achieved our all three upside targets and registered high of 16349.70 in second half. Bank Nifty gained massive 710 points ( + 3.75 % ) and closed in green.        

                                                                    

                               Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 16280 and it would be declines towards 16100 – 15920 – 15740. Other hand above 16280 Bank Nifty will be traded with positive bias and it would be tries to touch 16460 – 16640 - 16820.  Bank Nifty has 1st Sup. at 16190 – 16100 & 2nd Sup. at 16010 – 15920 & 3rd Sup. at 15830 – 15740 and Bank Nifty find 1st Res. at 16370 – 16460 & 2nd Res. at 16550 – 16640 & 3rd Res. at 16730 - 16820.

Positional Trading Strategy:

[1]  Open short below 16280 with stop loss 16460 for targets 16190 – 16100 / 16010 – 15920 / 15830 – 15740. 

[2]  Open long above 16280 with stop loss 16100 for targets  16370 – 16460 / 16550– 16640/ 16730 – 16820.

BANK NIFTY :: OP = 15623.35 , HI = 16349.70 , LO = 15440.25 , CL = 16278.55.