Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ 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. “ Suggested 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 opened negative and traded expected. In first half Nifty registered high of 7890.25 than turned back towards our shorting level and then declined sharp below 7700. Nifty registered low of 7678.35 and achieved our 1^st down side target in second half. Nifty lost 116 points ( - 1.48 % ) and closed in red.                           

                                Nifty Review For This Week

We expect, 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.

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 = 7822.70 , HI = 7890.25 , LO = 7678.35 , CL = 7733.45. 

                                             

Ø  Bank Nifty Review

We said last week “ 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. “ Suggested 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 opened negative and traded expected. In first half Bank Nifty registered high of 16719.40 then declined sharp below 16200. Bank Nifty registered low of 16186.25 in second half. Bank Nifty lost massive 498 points ( - 2.97 % ) and closed in red.        

                                                                   

                                         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 = 16614.00 , HI = 16719.40 , LO = 16186.25 , CL = 16296.60.