Weekly Review For Nifty & Bank Nifty

JAY SWAMINARAYAN

We said last week “ Nifty will be traded with negative bias below 9170 and it would be declines towards 9080 – 8990 – 8900. Other hand above 9170 Nifty will be traded with positive bias and it would be tries to touch 9260 – 9350 - 9440. “ Suggested Positional Trading Strategy   [1]  Nifty looks negative below 9170 with support 9260 & resistance are 9130 –9080 / 9040 – 8990 / 8950 – 8900.   [2]  Nifty looks positive above 9170 with support 9080 & resistance are 9220 – 9260 / 9310 – 9350 / 9400 – 9440.

               

Nifty opened positive and traded expected. In first half Nifty registered high of 9273.90 and achieved our 1^st upside target. Nifty failed to sustain at higher level so it turned back and registered low of 9188.10 in second half. Nifty gained 24 points ( + 0. 26 % ) and closed in green.                                                                                                                                                                                                                                                                                                                  

                                                   

                                Nifty Review For This Week

We expect same, Nifty will be traded with negative bias below 9170 and it would be declines towards 9080 – 8990 – 8900. Other hand above 9170 Nifty will be traded with positive bias and it would be tries to touch 9260 – 9350 - 9440. Nifty have 1st Sup. at 9130 – 9080 & 2nd Sup. at 9040 – 8990 & 3rd Sup. at 8950 – 8900 and Nifty find 1st Res. at 9220 – 9260 & 2nd Res. at 9310 – 9350 & 3rd Res. at 9400 – 9440.

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

Positional Strategy:

[1]  Nifty looks negative below 9170 with support 9260 & resistance are 9130 –9080 / 9040 – 8990 / 8950 – 8900. 

[2]  Nifty looks positive above 9170 with support 9080 & resistance are 9220 – 9260 / 9310 – 9350 / 9400 – 9440.

NIFTY :: OP = 9220.60 , HI = 9273.90 , LO = 9188.10 , CL = 9198.30.

                              

Ø  Bank Nifty Review

We said last week “  Bank Nifty will be traded with negative bias below 21410 and it would be declines towards 21230 – 21050 – 20870. Other hand above 21410 Bank Nifty will be traded with positive bias and it would be tries to touch 21590 – 21770 - 21950.. “  Suggested Positional Trading Strategy:   [1]  Bank Nifty looks negative below 21410 with support 21590 & resistance are 21320 – 21230 / 21140 – 21050 / 20960 – 20870.   [2]  Bank Nifty looks positive above 21410 with support 21230 & resistance are 21500 – 21590 / 21680– 21770 / 21860 – 21950.                                                                 

Bank Nifty opened positive and traded expected. In first half Bank Nifty registered high of 21699.30 and achieved our 1^st upside target. Bank Nifty failed to sustain at higher level so it turned back and registered low of 21397 in second half. Bank Nifty lost 13 points ( - 0.06 % ) and closed in red.

                                                                           

                                Bank Nifty Review For This Week

We expect same, “  Bank Nifty will be traded with negative bias below 21410 and it would be declines towards 21230 – 21050 – 20870. Other hand above 21410 Bank Nifty will be traded with positive bias and it would be tries to touch 21590 – 21770 - 21950.  Bank Nifty has 1st Sup. at 21320 – 21230 & 2nd Sup. at 21140 – 21050 & 3rd Sup. at 20960 – 20870 and Bank Nifty find 1st Res. at 21500 – 21590 & 2nd Res. at 21680 – 21770 & 3rd Res. at 21860 - 21950.

Positional Trading Strategy:

[1]  Bank Nifty looks negative below 21410 with support 21590 & resistance are 21320 – 21230 / 21140 – 21050 / 20960 – 20870.    

 [2]  Bank Nifty looks positive above 21410 with support 21230 & resistance are 21500 – 21590 / 21680– 21770 / 21860 – 21950.

BANK NIFTY :: OP = 21539.20 , HI = 21699.30 , LO = 21397.00 , CL = 21431.15.

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]