Bank Nifty & Nifty Technical Analysis for 23 July’13

Nifty as on 22 July’13– 6031.80 (+2.60)    Bank Nifty as on 22 July’13– 11086.95 (+113.05)

It was CNX IT which tested high of 7591 made in 1st week of Jan’11, holding upon the market. Otherwise, Nifty was going nowhere, Bank Nifty witnessed pullback, from lower levels, but still it is under threat.

From here, one probability emerge that CNX IT will continue its upward journey, (although whole move is in corrective phase, but bounce from this levels can’t be overruled), and with that Bank Nifty also take some bounce from lower level, in that case by default Nifty will start climbing higher.

Alternatively, CNX IT turns weak from this level, on account of profit booking, and Bank Nifty is already moving close to key support level, breaking the support will not be a big deal for Bank Nifty. In that case, Nifty will start drifting lower.

From the price action we are not really very optimistic, but still there is no solid cues to turn bearish also.

We request our readers to read our weekly article, where we talked about key pivots, which is still valid, and also caution you, if you are novice trader then better stay away, because big surprise can come in any direction.

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