Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ Nifty will be traded with negative bias below 7910 and it would be declines towards 7820 – 7730 – 7640. Other hand above 7910 Nifty will be traded with positive bias and it would be tries to touch 8000 – 8090 - 8180. “ Suggested Positional Trading Strategy :   [1]  Open short below 7910 with stop loss 8000 for targets 7870 – 7820 / 7780 – 7730 / 7690 – 7640.   [2]  Open long above 7910 with stop loss 7820 for targets  7960 – 8000 / 8050 – 8090 / 8140 – 8180.

               

Nifty opened negative and traded expected. In first half Nifty achieved our 1^st down side target than turned up towards our buying level and gave rally towards 8000. Nifty achieved our 1^st upside target and registered high of 7992 after that declined sharp and registered low of 7788.70 and once again achieved our 1^st down side target in second half. Nifty lost 49 points ( - 0.63 % ) and closed in red.                           

                                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 7820 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.

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 = 7894.80 , HI = 7992.00 , LO = 7788.70 , CL = 7849.80. 

                                             

Ø  Bank Nifty Review

We said last week “ Bank Nifty will be traded with negative bias below 16730 and it would be declines towards 16550 – 16370 – 16190. Other hand above 16730 Bank Nifty will be traded with positive bias and it would be tries to touch 16910 – 17090 - 17270. “ Suggested Positional Trading Strategy:   [1]  Open short below 16730 with stop loss 16910 for targets 16640 – 16550 / 16460 – 16370 / 16280 – 16190.   [2]  Open long above 16730 with stop loss 16550 for targets  16820 – 16910 / 17000– 17090/ 17180 – 17270.

Bank Nifty opened positive and traded expected. In first half Bank Nifty registered high of 17029.85 and achieved our 1^st upside target. After that Bank Nifty turned back towards our shorting level and declined sharp and achieved our 1^st down side target. Nifty registered low of 16527.55 in second half. Bank Nifty gained 91 points ( + 0.55 % ) and closed in green.        

                                                                   

                             Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 16820 and it would be declines towards 16640 – 16460 – 16280. Other hand above 16820 Bank Nifty will be traded with positive bias and it would be tries to touch 17000 – 17180 - 17360.  Bank Nifty has 1st Sup. at 16730 – 16640 & 2nd Sup. at 16550 – 16460 & 3rd Sup. at 16370 – 16280 and Bank Nifty find 1st Res. at 16910 – 17000 & 2nd Res. at 17090 – 17180 & 3rd Res. at 17270 - 17360.

Positional Trading Strategy:

[1]  Open short below 16820 with stop loss 17000 for targets 16730 – 16640 / 16550 – 16460 / 16370 – 16280. 

[2]  Open long above 16820 with stop loss 16640 for targets  16910 – 17000 / 17090– 17180/ 17270 – 17360.

BANK NIFTY :: OP = 16746.95 , HI = 17029.85 , LO = 16527.55 , CL = 16795.00.