Bank Nifty & Nifty Technical Analysis for 08 Aug’13

Nifty as on 07 Aug’13– 5519.10 (-23.15)    Bank Nifty as on 07 Aug’13– 9757.30 (-54.20)

At this point in time we are standing at very crucial juncture. If market breaks from this level then we are seeing some huge round of sell-off. Initially we were of the opinion that chances are very less chance to turn extremely bearish. Still, we think there is equal chance of reversal.

You must be thinking, why we are attaching equal chance. It is not because we don’t know the answer. Based on our analysis, few major factors indicates that market has already turned bearish and we might see some sharp sell-off, and few major observation and analysis, still gives hold signal, means still we should not turn extremely bearish. And we respect both this thought, because both are major. If we synchronize above observations, then we have to give 50-50 chance for both probability.

CNX IT has given indication of turning weak, whereas Bank Nifty may remain range bound for coming few sessions.

Nifty Trading Strategy

Last sessions close is very near to our breakout point of 5000, in fact if broke this level also, and we created short, technically we have to turn short below this level.

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