Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ Nifty will be traded with negative bias below 8540 and it would be declines towards 8450 – 8360 – 8270. Other hand above 8540 Nifty will be traded with positive bias and it would be tries to touch 8630 – 8720 - 8810. “ Suggested Positional Trading Strategy :   [1]  Nifty looks negative below 8540 with support 8630 & resistance are 8500 – 8450 / 8410 – 8360 / 8320 – 8270.   [2]  Nifty looks positive above 8540 with support 8450 & resistance are 8590 – 8630 / 8680 – 8720 / 8770 – 8810.

               

Nifty opened positive and traded expected. In first half Nifty registered low of 8543.75 than turned up and gave smart rally above 8800. Nifty achieved our all three upside targets and registered high of 8824.10 in second half. Nifty gained massive 237 points ( + 2. 65 % ) and closed in green.                                                                    

                               Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 8810 and it would be declines towards 8720 – 8630 – 8540. Other hand above 8810 Nifty will be traded with positive bias and it would be tries to touch 8900 – 8990 - 9080.  Nifty have 1st Sup. at 8770 – 8720 & 2nd Sup. at 8680 – 8630 & 3rd Sup. at 8590 – 8540 and Nifty find 1st Res. at 8860 – 8900 & 2nd Res. at 8950 –8990 & 3rd Res. at 9040 – 9080.

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 8810 with support 8900 & resistance are 8770 – 8720 / 8680 – 8630 / 8590 – 8540. 

               

[2]  Nifty looks positive above 8810 with support 8720 & resistance are 8860 – 8900 / 8950 – 8990 / 9040 – 9080.

NIFTY :: OP = 8583.75 , HI = 8824.10 , LO = 8543.75 , CL = 8809.65. 

                                      

Ø  Bank Nifty Review

We said last week “ Bank Nifty will be traded with negative bias below 19160 and it would be declines towards 18980 – 18800 – 18620. Other hand above 19160 Bank Nifty will be traded with positive bias and it would be tries to touch 19340 – 19520 - 19700. “  Suggested Positional Trading Strategy:   [1]  Bank Nifty looks negative below 19160 with support 19340 & resistance are 19070 – 18980 / 18890 – 18800 / 18710 – 18620.   [2]  Bank Nifty looks positive above 19160 with support 18980 & resistance are 19250 – 19340 / 19430– 19520/ 19610 – 19700.

Bank Nifty opened negative and traded expected. In first half Bank Nifty registered low of 19096.70 than turned up towards our buying level and then gave smart rally towards 20000. Bank Nifty achieved our all three upside targets and registered high of 19928.20 in second half. Bank Nifty gained massive 687 points ( + 3.52 % ) and closed in green.        

                                                                   

                               Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 19880 and it would be declines towards 19700 – 19520 – 19340. Other hand above 19880 Bank Nifty will be traded with positive bias and it would be tries to touch 20060 – 20240 - 20420.  Bank Nifty has 1st Sup. at 19790 – 19700 & 2nd Sup. at 19610 – 19520 & 3rd Sup. at 19430 – 19340 and Bank Nifty find 1st Res. at 19970 – 20060 & 2nd Res. at 20150 – 20240 & 3rd Res. at 20330 - 20420.

Positional Trading Strategy:

[1]  Bank Nifty looks negative below 19880 with support 20060 & resistance are 19790 – 19700 / 19610 – 19520 / 19430 – 19340. 

[2]  Bank Nifty looks positive above 19880 with support 19700 & resistance are 19970 – 20060 / 20150– 20240/ 20330 – 20420.

BANK NIFTY :: OP = 19174.45 , HI = 19928.20 , LO = 19096.70 , CL = 19883.20.

Disclaimer:: This view is only for education purpose. We don’t recommend any buy or sell. [Strictly restricts any type of trade & it’s for paper exercise only]