Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ Nifty will be traded with negative bias below 8360 and it would be declines towards 8270 – 8180 – 8090. Other hand above 8360 Nifty will be traded with positive bias and it would be tries to touch 8450 – 8540 - 8630. “ Suggested Positional Trading Strategy :   [1]  Open short below 8360 with stop loss 8450 for targets 8320 – 8270 / 8230 – 8180 / 8140 – 8090.   [2]  Open long above 8360 with stop loss 8270 for targets  8410 – 8450 / 8500 – 8540 / 8590 – 8630.

               

Nifty opened positive and traded expected. In first half Nifty registered high of 8398.45 than turned back towards our shorting level and then declined below 8300. Nifty registered low of 8287.55 and achieved our 1^st down side target in second half. Nifty lost 5 points (  0. 06 % ) and closed in red.                                                   

                            Nifty Review For This Week

We expect same, Nifty will be traded with negative bias below 8360 and it would be declines towards 8270 – 8180 – 8090. Other hand above 8360 Nifty will be traded with positive bias and it would be tries to touch 8450 – 8540 - 8630.  Nifty have 1st Sup. at 8320 – 8270 & 2nd Sup. at 8230 – 8180 & 3rd Sup. at 8140 – 8090 and Nifty find 1st Res. at 8410 – 8450 & 2nd Res. at 8500 –8540 & 3rd Res. at 8590 – 8630.

Positional Trading Strategy:

[1]  Open short below 8320 with stop loss 8410 for targets 8270 – 8230 / 8180 – 8140 / 8090 – 8050. 

               

[2]  Open long above 8320 with stop loss 8230 for targets  8360 – 8410 / 8450 – 8500 / 8540 – 8590.

NIFTY :: OP = 8376.75 , HI = 8398.45 , LO = 8287.55 , CL = 8323.20. 

                                             

Ø  Bank Nifty Review

We said last week “ Bank Nifty will be traded with negative bias below 17990 and it would be declines towards 17810 – 17630 – 17450. Other hand above 17990 Bank Nifty will be traded with positive bias and it would be tries to touch 18170 – 18350 - 18530. “ Suggested Positional Trading Strategy:   [1]  Open short below 17990 with stop loss 18170 for targets 17900 – 17810 / 17720 – 17630 / 17540 – 17450.   [2]  Open long above 17990 with stop loss 17810 for targets  18080 – 18170 / 18260– 18350/ 18440 – 18530.

Bank Nifty opened positive and traded expected. In first half Bank Nifty registered high of 18146.55 and achieved our 1^st upside target. After that bank nifty traded in narrow range for rest of the week and registered low of 17910.90 in second half. Bank Nifty gained 30 points ( + 0.16 % ) and closed in green.        

                                                                   

                               Bank Nifty Review For This Week

We expect same, Bank Nifty will be traded with negative bias below 17990 and it would be declines towards 17810 – 17630 – 17450. Other hand above 17990 Bank Nifty will be traded with positive bias and it would be tries to touch 18170 – 18350 - 18530.  Bank Nifty has 1st Sup. at 17900 – 17810 & 2nd Sup. at 17720 – 17630 & 3rd Sup. at 17540 – 17450 and Bank Nifty find 1st Res. at 18080 – 18170 & 2nd Res. at 18260 – 18350 & 3rd Res. at 18440 - 18530.

Positional Trading Strategy:

[1]  Open short below 17990 with stop loss 18170 for targets 17900 – 17810 / 17720 – 17630 / 17540 – 17450. 

[2]  Open long above 17990 with stop loss 17810 for targets  18080 – 18170 / 18260– 18350/ 18440 – 18530.

BANK NIFTY :: OP = 18091.75 , HI = 18146.55 , LO = 17910.90 , CL = 1806.25.