Weekly Review for Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ Nifty will be traded with negative bias below 8630 and it would be declines towards 8540 – 8450 – 8360. Other hand above 8630 Nifty will be traded with positive bias and it would be tries to touch 8720 – 8810 - 8900. “ Suggested Positional Trading Strategy :   [1]  Nifty looks negative below 8680 with support 8770 & resistance are 8630 – 8590 / 8540 – 8500 / 8450 – 8410.   [2]  Nifty looks positive above 8680 with support 8590 & resistance are 8720 – 8770 / 8810 – 8860 / 8900 – 8940.

           

Nifty opened positive and traded expected. In first half Nifty registered high of 8728.35 than turned back towards our shorting level and declined sharp towards 8500. Nifty registered low of 8540.05 and achieved our 1^st down side target in second half. Nifty lost 11 points ( - 0. 12 % ) and closed in red.                                                       

                                Nifty Review For This Week

We expect same, Nifty will be traded with negative bias below 8630 and it would be declines towards 8540 – 8450 – 8360. Other hand above 8630 Nifty will be traded with positive bias and it would be tries to touch 8720 – 8810 - 8900.  Nifty have 1st Sup. at 8590 – 8540 & 2nd Sup. at 8500 – 8450 & 3rd Sup. at 8410 – 8360 and Nifty find 1st Res. at 8680 – 8720 & 2nd Res. at 8770 –8810 & 3rd Res. at 8860 – 8900.

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

Positional Strategy:

[1]  Nifty looks negative below 8630 with support 8720 & resistance are 8590 – 8540 / 8500 – 8450 / 8410 – 8360. 

           

[2]  Nifty looks positive above 8630 with support 8540 & resistance are 8680 – 8720 / 8770 – 8810 / 8860 – 8900.

NIFTY :: OP = 8712.85 , HI = 8728.35 , LO = 8540.05 , CL = 8672.15. 

                                      

Ø  Bank Nifty Review

We said last week “ Bank Nifty will be traded with negative bias below 18980 and it would be declines towards 18800 – 18620 – 18440. Other hand above 18980 Bank Nifty will be traded with positive bias and it would be tries to touch 19160 – 19340 - 19520. “ Suggested Positional Trading Strategy:   [1]  Bank Nifty looks negative below 18980 with support 19160 & resistance are 18890 – 18800 / 18710 – 18620 / 18530 – 18440.   [2]  Bank Nifty looks positive above 18980 with support 18800 & resistance are 19070 – 19160 / 19250– 19340/ 19430 – 19520.

Bank Nifty opened positive and traded expected. In first half Bank Nifty registered high of 19028.70 than turned back towards our shorting level and declined sharp towards 18500. Bank Nifty achieved our 2^nd down side targets and registered low of 18537.10 than recover loss in second half. Bank Nifty gained 37 points ( + 0.19 % ) and closed in green.        

                                                                   

                                 Bank Nifty Review For This Week

We expect same, Bank Nifty will be traded with negative bias below 18980 and it would be declines towards 18800 – 18620 – 18440. Other hand above 18980 Bank Nifty will be traded with positive bias and it would be tries to touch 19160 – 19340 - 19520.  Bank Nifty has 1st Sup. at 18890 – 18800 & 2nd Sup. at 18710 – 18620 & 3rd Sup. at 18530 – 18440 and Bank Nifty find 1st Res. at 19070 – 19160 & 2nd Res. at 19250 – 19340& 3rd Res. at 19430 - 19520.

Positional Trading Strategy:

[1]  Bank Nifty looks negative below 18980 with support 19160 & resistance are 18890 – 18800 / 18710 – 18620 / 18530 – 18440. 

[2]  Bank Nifty looks positive above 18980 with support 18800 & resistance are 19070 – 19160 / 19250– 19340/ 19430 – 19520.

BANK NIFTY :: OP = 18986.75 , HI = 19028.70 , LO = 18537.10 , CL = 18963.70.

Disclaimer:: This view is only for education purpose. We don’t recommend any buy or sell. [Strictly restricts any buy or sell]