Bank Nifty & Nifty Technical Analysis for 07 Aug’13

Nifty as on 06 Aug’13– 5542.25 (-143.15)    Bank Nifty as on 06 Aug’13– 9703.10 (-391.80)

Unexpectedly Nifty witness sharp falls in last hour of the session. Yes, we had not anticipated such dramatic fall in last session. If we have chance to held anyone liable then it was USD/INR which was culprit of this move. Anyways, while at the time of closing pair appreciated sharply and probably considering this fact, today market may witness some sharp rebound.

As we mentioned even in our last update also that if Nifty breaks below ~5500, then we have to worry a lot. In the last session made a low of 5521.80, very close to it hmmm…

Nifty Trading Strategy

Below 5650-5640 we are little skeptical to turn bullish again, and we’ll try to recover some losses.

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