Weekly Review For Nifty & Bank Nifty

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]  Nifty looks negative below 8090 with support 8180 & resistance are 8050 – 8000 / 7960 – 7910 / 7870 – 7820.   [2]  Nifty looks positive above 8090 with support 8000 & resistance are 8140 – 8180 / 8230 – 8270 / 8320 – 8360.

               

Nifty opened negative and traded expected. In first half Nifty registered low of 8066.50 than turned up towards our buying level and gave rally above 8250. Nifty registered high of 8250.80 and achieved our 2^nd upside targets but failed to hold gains in second half. Nifty lost 27 points ( - 0. 33 % ) and closed in red.                                                                                                                

                                                                                                                

                                                                                                                          

                               Nifty Review For This Week

We expect same, 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.  Nifty have 1st Sup. at 8050 – 8000 & 2nd Sup. at 7960 – 7910 & 3rd Sup. at 7870 – 7820 and Nifty find 1st Res. at 8140 – 8180 & 2nd Res. at 8230 – 8270 & 3rd Res. at 8320 – 8360.

Positional Strategy:

[1]  Nifty looks negative below 8090 with support 8180 & resistance are 8050 – 8000 / 7960 – 7910 / 7870 – 7820. 

               

[2]  Nifty looks positive above 8090 with support 8000 & resistance are 8140 – 8180 / 8230 – 8270 / 8320 – 8360.

NIFTY :: OP = 8080.65 , HI = 8250.80 , LO = 8066.50 , CL = 8086.80.

                                      

Ø  Bank Nifty Review

We said last week “  Bank Nifty will be traded with negative bias below 18530 and it would be declines towards 18350 – 18170 – 17990. Other hand above 18530 Bank Nifty will be traded with positive bias and it would be tries to touch 18710 – 18890 - 19070. “  Suggested Positional Trading Strategy:   [1]  Bank Nifty looks negative below 18530 with support 18710 & resistance are 18440 – 18350 / 18260 – 18170 / 18080 – 17990.   [2]  Bank Nifty looks positive above 18530 with support 18350 & resistance are 18620 – 18710 / 18800– 18890/ 18980 – 19070.                                                                  

Bank Nifty opened negative and traded expected. In first half Bank Nifty registered high of 18713.10 

and achieved our 1^st upside target. After that Bank Nifty turned back towards our shorting level and declined sharp below 18200. Bank Nifty registered low of 18163.80 and achieved our 2^nd down side targets in second half. Bank Nifty lost 259 points ( - 1.42 % ) and closed in red.

        

                                                                   

                                         Bank Nifty Review For This Week

We expect, Bank Nifty will be traded with negative bias below 18260 and it would be declines towards 18080 – 17900 – 17720. Other hand above 18260 Bank Nifty will be traded with positive bias and it would be tries to touch 18440 – 18620 - 18800.  Bank Nifty has 1st Sup. at 180170 – 18080 & 2nd Sup. at 17990 – 17900 & 3rd Sup. at 17810 – 17720 and Bank Nifty find 1st Res. at 18350 – 18440 & 2nd Res. at 18530 – 18620 & 3rd Res. at 18710 - 18800.

Positional Trading Strategy:

[1]  Bank Nifty looks negative below 18260 with support 18440 & resistance are 18170 – 18080 / 17990 – 17900 / 17810 – 17720. 

[2]  Bank Nifty looks positive above 18260 with support 18080 & resistance are 18350 – 18440 / 18530– 18620/ 18710 – 18800.

BANK NIFTY :: OP = 18237.20 , HI = 18713.10 , LO = 18163.80 , CL = 18247.65.

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]