Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ 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. “ Suggested Positional Trading 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 opened with gape up and traded expected. In first half Nifty registered low of 8848.45 than turned up and gave smart rally towards 9000. Nifty registered high of 8968.70 but faced resistance near 8990. Nifty not succeeded to sustain at higher level in second half. Nifty gained 57 points ( + 0. 65 % ) and closed in green.                                                                   

                                   Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 8900 and it would be declines towards 8810 – 8720 – 8630. Other hand above 8900 Nifty will be traded with positive bias and it would be tries to touch 8990 – 9080 - 9170.  Nifty have 1st Sup. at 8860 – 8810 & 2nd Sup. at 8770 – 8720 & 3rd Sup. at 8680 – 8630 and Nifty find 1st Res. at 8950 – 8990 & 2nd Res. at 9040 –9080 & 3rd Res. at 9130 – 9170.

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

Positional Strategy:

[1]  Nifty looks negative below 8900 with support 8990 & resistance are 8860 – 8810 / 8770 – 8720 / 8680 – 8630. 

               

[2]  Nifty looks positive above 8900 with support 8810 & resistance are 8950 – 8990 / 9040 – 9080 / 9130 – 9170.

NIFTY :: OP = 8852.70 , HI = 8968.70 , LO = 8848.45 , CL = 8866.70. 

                                      

Ø  Bank Nifty Review

We said last week “ 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. “  Suggested 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 opened with gape up and traded expected. In first half Bank Nifty registered low of 19990.95 than turned up and gave smart rally above 20500. Bank Nifty registered high of 20575.80 but failed to sustain at higher level in second half. Bank Nifty gained 362 points ( + 1.78 % ) and closed in green.        

                                                                   

                                Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 20240 and it would be declines towards 20060 – 19880 – 19700. Other hand above 20240 Bank Nifty will be traded with positive bias and it would be tries to touch 20420 – 20600 - 20780.  Bank Nifty has 1st Sup. at 20150 – 20060 & 2nd Sup. at 19970 – 19880 & 3rd Sup. at 19790 – 19700 and Bank Nifty find 1st Res. at 20330 – 20420 & 2nd Res. at 20510 – 20600 & 3rd Res. at 20690 - 20780.

Positional Trading Strategy:

[1]  Bank Nifty looks negative below 20240 with support 20420 & resistance are 20150 – 20060 / 19970 – 19880 / 19790 – 19700. 

[2]  Bank Nifty looks positive above 20240 with support 20060 & resistance are 20330 – 20420 / 20510– 20600/ 20690 – 20780.

BANK NIFTY :: OP = 19990.95 , HI = 20575.80 , LO = 19990.95 , CL = 20245.30.

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]