Bank Nifty & Nifty Technical Analysis for 16 Aug’13

Happy Independence Day

Nifty as on 14 Aug’13– 5742.30 (+43.00)    Bank Nifty as on 14 Aug’13– 10026.40 (+40.75)

In last hour of trading Nifty ran to complete the move, after some confusion during opening hours of trade. But one thing is little out of space this time, Bank Nifty has not performed, in fact CNX IT also witnessed selling pressure while moving higher, but still Nifty managed to close on a positive note. Nifty made a high of 5755 and finally settled at 5742. Still we think Nifty has potential to test 5800 levels. We are little worried by looking at Bank Nifty’s performance, lets see, If Nifty has to perform then Bank Nifty will turn positive tomorrow. We would advise not to take any position at home, book profit and exit.

Nifty Trading Strategy

If trader is holding fresh Long position then they should keep stop loss of 5700 and hold position. If Nifty moves by 20-25 points, in that case trail your stop loss with cost price. For our subscribed clients we are already holding Long CE option and PE option, may be we exit tomorrow.

Bank Nifty Trading Strategy

Bank Nifty is hesitating to move higher. Many stories are rolling in the market, let’s see what plays out. Risk-averse traders should enter long in Bank Nifty on only close above 10250.

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