Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ Nifty will be traded with negative bias below 8270 and it would be declines towards 8180 – 8090 – 8000. Other hand above 8270 Nifty will be traded with positive bias and it would be tries to touch 8360 – 8450 - 8540. “ Suggested Positional Trading Strategy :   [1]  Open short below 8230 with stop loss 8320 for targets 8180 – 8140 / 8090 – 8050 / 8000 – 7960.   [2]  Open long above 8230 with stop loss 8140 for targets  8270 – 8320 / 8360 – 8400 / 8450 – 8500.

               

Nifty opened positive and traded expected. In first half Nifty registered high of 8294.95 and tried to achieve our 1^st upside target but not succeeded to sustain at higher level. After that Nifty declined below 8200 and registered low of 8162.85 in second half. Nifty lost 50 points ( - 0.62 % ) and closed in red.                                                 

                                Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 8180 and it would be declines towards 8090 – 8000 – 7910. Other hand above 8180 Nifty will be traded with positive bias and it would be tries to touch 8270 – 8360 - 8450.  Nifty have 1st Sup. at 8140 – 8090 & 2nd Sup. at 8050 – 8000 & 3rd Sup. at 7960 – 7910 and Nifty find 1st Res. at 8230 – 8270 & 2nd Res. at 8320 –8360 & 3rd Res. at 8410 – 8450.

Positional Trading Strategy:

[1]  Open short below 8180 with stop loss 8270 for targets 8140 – 8090 / 8050 – 8000 / 7960 – 7910. 

               

[2]  Open long above 8180 with stop loss 8090 for targets  8230 – 8270 / 8320 – 8360 / 8410 – 8450.

NIFTY :: OP = 8228.75 , HI = 8294.95 , LO = 8162.85 , CL = 8170.05. 

                                             

Ø  Bank Nifty Review

We said last week “ Bank Nifty will be traded with negative bias below 17720 and it would be declines towards 17540 – 17360 – 17180. Other hand above 17720 Bank Nifty will be traded with positive bias and it would be tries to touch 17900 – 18080 - 18260. “ Suggested Positional Trading Strategy:   [1]  Open short below 17720 with stop loss 17900 for targets 17630 – 17540 / 17450 – 17360 / 17270 – 17180.   [2]  Open long above 17720 with stop loss 17540 for targets  17810 – 17900 / 17990– 18080/ 18170 – 18260.

Bank Nifty opened positive and traded expected. In first half Bank Nifty registered low of 17636.90 than turned up towards our buying level and then gave rally above 18000. Bank Nifty achieved our 2^nd upside target and registered high of 18051.50 in second half. Bank Nifty gained 147 points ( + 0.84 % ) and closed in green.        

                                                                   

                                 Bank Nifty Review For This Week

We expect same, Bank Nifty will be traded with negative bias below 17810 and it would be declines towards 17630 – 17450 – 17270. Other hand above 17810 Bank Nifty will be traded with positive bias and it would be tries to touch 17990 – 18170 - 18350.  Bank Nifty has 1st Sup. at 17720 – 17630 & 2nd Sup. at 17540 – 17450 & 3rd Sup. at 17360 – 17270 and Bank Nifty find 1st Res. at 17900 – 17990 & 2nd Res. at 18080 – 18170 & 3rd Res. at 18260 - 18350.

Positional Trading Strategy:

[1]  Open short below 17810 with stop loss 17990 for targets 17720 – 17630 / 17540 – 17450 / 17360 – 17270. 

[2]  Open long above 17810 with stop loss 17630 for targets  17900 – 17990 / 18080– 18170/ 18260 – 18350.

BANK NIFTY :: OP = 17710.45 , HI = 18051.50 , LO = 17636.90 , CL = 17828.60.