Bank Nifty & Nifty Technical Analysis for 01 Aug’13

Nifty as on 31 July’13– 5742.00 (-13.05)    Bank Nifty as on 31 July’13– 10015.75 (-193.80)

Nifty gave sharp reversal from lower levels, which is indicated by last sessions close of long legged candle, closed near highs which is Pin Bar. Its first signal that gradually falling momentum is fading away, and party at other side has a fare chance to exit on rise. On the other hand, Bank Nifty is still appears in pressure, although in it also witnessed some support after moving lower, but already damage was done. Some stronger hands are needed to support Bank Nifty now.

Since from last couple of sessions we have been mentioning about CNX IT, and we were expecting some reversal in it, but fortunately, Index is moving higher and higher on a firm note, although with very small price range, but still there are no immediate signs of reversal. Earlier we mentioned about 8000 levels, it seems that Index will achieve this target now. Lets see.

Nifty Trading Strategy

Today’s open and subsequent 15 minutes action will decide for strategy. Ideally, we are seeing bright chance of going long in Nifty, stop loss would be far, but risk takers can take risk here.

Bank Nifty Trading Strategy

Traders should wait for right signal in Bank Nifty.

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