Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ Nifty will be traded with negative bias below 8450 and it would be declines towards 8360 – 8270 – 8180. Other hand above 8450 Nifty will be traded with positive bias and it would be tries to touch 8540 – 8630 - 8720. “ Suggested Positional Trading Strategy :   [1]  Nifty looks negative below 8450 with support 8540 & resistance are 8410 – 8360 / 8320 – 8270 / 8230 – 8180.   [2]  Nifty looks positive above 8450 with support 8360 & resistance are 8500 – 8540 / 8590 – 8630 / 8680 – 8720.

               

Nifty opened positive and traded volatile due to national & international issue. In first half Nifty registered low of 8002.25 and achieved our all three down side targets. After that Nifty tried to recover and succeeded to registered high of 8598.45 and achieved our 1^st upside target, but Nifty failed to sustain gains. So once again Nifty turned down towards our shorting level and declined sharp below 8300 and achieved our 2^nd down side targets in second half. Nifty lost 137 points ( - 1. 65 % ) and closed in red.                                                                                                                                                             

                                                                                                                                                                                         

                               Nifty Review For This Week

We expect, Nifty will be traded with negative bias below 8270 and it would be declines towards 8180 – 8090 – 8000. Other hand above 8270 Nifty will be traded with positive bias and it would be tries to touch 8360 – 8450 - 8540.  Nifty have 1st Sup. at 8230 – 8180 & 2nd Sup. at 8140 – 8090 & 3rd Sup. at 8050 – 8000 and Nifty find 1st Res. at 8320 – 8360 & 2nd Res. at 8410 – 8450 & 3rd Res. at 8500 – 8540.

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 8270 with support 8360 & resistance are 8230 – 8180 / 8140 – 8090 / 8050 – 8000. 

               

[2]  Nifty looks positive above 8270 with support 8180 & resistance are 8320 – 8360 / 8410 – 8450 / 8500 – 8540.

NIFTY :: OP = 8535.75 , HI = 8598.45 , LO = 8002.25 , CL = 8296.30.

                                      

Ø  Bank Nifty Review

We said last week “  Bank Nifty will be traded with negative bias below 19070 and it would be declines towards 18890 – 18710 – 18530. Other hand above 19070 Bank Nifty will be traded with positive bias and it would be tries to touch 19250 – 19430 - 19610. “  Suggested Positional Trading Strategy:   [1]  Bank Nifty looks negative below 19070 with support 19250 & resistance are 18980 – 18890 / 18800 – 18710 / 18620 – 18530.   [2]  Bank Nifty looks positive above 19070 with support 18890 & resistance are 19160 – 19250 / 19340 – 19430/ 19520 - 19610.                                                                  

Bank Nifty opened positive and traded expected. In first half Bank Nifty registered low of 18143.70 than turned up towards our buying level and gave smart rally above 20300. Bank Nifty achieved our all three upside targets and registered high of 20309.65 in second half. Bank Nifty gained massive 680 points ( + 3.45 % ) and closed in green.        

                                                                   

                              Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 19700 and it would be declines towards 19520 – 19340 – 19160. Other hand above 19700 Bank Nifty will be traded with positive bias and it would be tries to touch 19880 – 20060 - 20240.  Bank Nifty has 1st Sup. at 19610 – 19520 & 2nd Sup. at 19430 – 19340 & 3rd Sup. at 19250 – 19160 and Bank Nifty find 1st Res. at 19790 – 19880 & 2nd Res. at 19970 – 20060 & 3rd Res. at 20150 - 20240.

Positional Trading Strategy:

[1]  Bank Nifty looks negative below 19700 with support 19880 & resistance are 19610 – 19520 / 19430 – 19340 / 19250 – 19160. 

[2]  Bank Nifty looks positive above 19700 with support 19520 & resistance are 19790 – 19880 / 19970– 20060/ 20150 – 20240.

BANK NIFTY :: OP = 19317.85 , HI = 20309.65 , LO = 18143.70 , CL = 19738.80.

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]