Bank Nifty & Nifty Technical Analysis for 21 Aug’13

Nifty as on 20 Aug’13– 5401.45 (-13.10)    Bank Nifty as on 20 Aug’13– 9218.95 (+73.95)

It seems some recovery from lower levels. Bank Nifty made low of 8860 and finally closed in green, which indicates bottom phishing happening at lower levels. It’s not time to rejoice, but yes, if carefully looked at market then you might get some decent trading opportunities. As expected CNX IT index is correcting from higher levels.

Nifty Trading Strategy

Futures is trading at discount to spot which clearly means that still market is anticipating further down move, but if this goes other way then short covering may take this rally further higher. There is some high risk opportunity available with minimal financial risk, grab it.

Bank Nifty Trading Strategy

Our expected level almost reached, and Bank Nifty takes a rebound. It seems that clouds are not so clear, either we should wait for a day or wish to take some risk then jump in, stop losses should be based on your comfort. There is some equal probability trade, if turns long from here then minimum 9600 can be expected.

If we sounds bullish to you, then let us correct, that it may be a mere technical pullback and broadly trend remains down.

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