Weekly Review For Nifty & BankNifty

JAY SWAMINARAYAN

We said last week “ 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. “ 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 low of 8039.35 than turned up towards our buying level and gave smart rally above 8300. Nifty registered high of 8356.75 and achieved our all three upside targets in second half. Nifty gained massive 239 points ( + 2.96 % ) and closed in green.                                                

                                Nifty Review For This Week

We expect, 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.

This is the small & truncated week with holiday on Wednesday, so be cautious and trade carefully. Hence we expect volatility to remain in the market.

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 :: OP = 8039.35 , HI = 8356.75 , LO = 8039.35 , CL = 8328.35. 

                                             

Ø  Bank Nifty Review

We said last week “ 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. “ Suggested 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 opened negative and traded expected. In first half Bank Nifty registered low of 17346.30 than turned up towards our buying level and gave smart rally above 18000. Bank Nifty achieved our all three upside targets and registered high of 18074.95 in second half. Bank Nifty gained massive 559 points ( + 3.21 % ) and closed in green.        

                                

                                   

                               Bank Nifty Review For This Week 

We expect, 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 = 17346.30 , HI = 18074.95 , LO = 17346.30 , CL = 17985.65.