Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ 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. “ Suggested 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 opened negative and traded expected. In first half Nifty registered high of 8285.60 and achieved our 1^st upside target. After that Nifty turned back towards our shorting level and declined sharp below 8000. Nifty registered low of 7927.05 and achieved our all three down side targets in second half. Nifty lost 81 points ( - 1.00 % ) and closed in red.                                                         

                               Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 8090 and it would be declines towards 8000 – 7910 – 7820. Other hand above 8090 Nifty will be traded with positive bias and it would be tries to touch 8180 – 8270 - 8360.  Nifty have 1st Sup. at 8050 – 8000 & 2nd Sup. at 7960 – 7910 & 3rd Sup. at 7870 – 7820 and Nifty find 1st Res. at 8140 – 8180 & 2nd Res. at 8230 –8270 & 3rd Res. at 8320 – 8360.

We expect volatility to remains in the market on account of F & O expiry in this week. Hence be cautious and trade carefully.

Positional Trading Strategy:

[1]  Open short below 8090 with stop loss 8180 for targets 8050 – 8000 / 7960 – 7910 / 7870 – 7820. 

               

[2]  Open long above 8090 with stop loss 8000 for targets  8140 – 8180 / 8230 – 8270 / 8320 – 8360.

NIFTY :: OP = 8115.75 , HI = 8285.60 , LO = 7927.05 , CL = 8088.60. 

                                             

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 negative and traded expected. In first half Bank Nifty registered high of 17907.50 and achieved our 1^st upside target. After that Bank Nifty turned back towards our shorting level and declined sharp below 17000. Bank Nifty achieved our all three down side targets and registered low of 16946.35 in second half. Bank Nifty lost 270 points ( - 1.53 % ) and closed in red.        

                                                                    

                       Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 17450 and it would be declines towards 17270 – 17090 – 16910. Other hand above 17450 Bank Nifty will be traded with positive bias and it would be tries to touch 17630 – 17810 - 17990.  Bank Nifty has 1st Sup. at 17360 – 17270 & 2nd Sup. at 17180 – 17090 & 3rd Sup. at 17000 – 16910 and Bank Nifty find 1st Res. at 17540 – 17630 & 2nd Res. at 17720 – 17810 & 3rd Res. at 17900 - 17990.

Positional Trading Strategy:

[1]  Open short below 17450 with stop loss 17630 for targets 17360 – 17270 / 17180 – 17090 / 17000 – 16910. 

[2]  Open long above 17450 with stop loss 17270 for targets  17540 – 17630 / 17720– 17810/ 17900 – 17990.

BANK NIFTY :: OP = 17425.80 , HI = 17907.50 , LO = 16946.35 , CL = 17426.05.