Bank Nifty & Nifty Technical Analysis for 14 Aug’13

Nifty as on 13 Aug’13– 5699.30 (+86.90)    Bank Nifty as on 13 Aug’13– 9985.65 (+274.25)

Finally, one excellent positive close, although close near its make or break level of 5720. We mentioned in our weekly outlook that Nifty has a fare chance of turning from 5720 levels, but looking at intensity of rise, it seems that Nifty may continue its upward journey roughly up to 5850 levels which seems best case scenario. Alternatively, if Nifty finds stiff resistance from or near 5720 levels, then it has to ideally give close below 5630 to bet on short trade.

Bank Nifty witnessed smart recovery after posting a new low of 9582.55, finally settled at 9985. Now its time for Bank Nifty to give some Litmus test, which can decide future course of action? Ideally we’ll be looking for close above 10250, below which risk for further downside remains open.

Nifty Trading Strategy

Our subscribers are already long in options, which is in profit, and earlier given PE option, still we are holding as hedge. All in all, we are near to equilibrium level. Going fresh long can only be advised above 5740 with stop somewhere near 5710 levels.

Bank Nifty Trading Strategy

Risk averse traders should enter long in Bank Nifty only close above 10250.

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