Bank Nifty & Nifty Technical Analysis for 23 Aug’13

Nifty as on 22 Aug’13– 5408.45 (+105.90)    Bank Nifty as on 22 Aug’13– 9268.90 (+4.50)

Gaining trust is challenging task, but losing it needs only one fiasco…

This market is full of appalling news, big fiasco, bad story, big brokers in big trouble and lot more, all are interconnected, only one thing which hurts much is, it is really difficult to gain trust and very easy to break, NSEL fiasco has put everyone in big trouble for everyone directly-indirectly connected with the market. And on the top of that Rupee movement is really killing everyone; it is really doubtful that does anyone has predicted this move, and if yes, how much and how many got benefited out of it. Personally we think, ratio could be much, much smaller.

In the last session, Nifty after opening lower gained significantly and finally settled with good gains above 5400 levels, to support the move fortunately Bank Nifty was somewhat in support, by not falling very sharply, and CNX IT Index recovered after last five sessions fall.

Now, you must be thinking whether this rally may continue or not?

At immediate front, we don’t see any setup which can puncture this rally, but it does not mean that we have to ignore risk involved. Possibly, this rally may continue till 5500+ levels, and eventually turn lower again.

Nifty Trading Strategy

As we mentioned in last article that it is better to take hedge strategy in this market, which can give you smart returns. We maintain our view, and holding some hedge strategy for our subscribed clients.

Bank Nifty Trading Strategy

Bank Nifty is waiting for some breakout, you never know when it comes and at what side. According to us there is high risk-low reward setup, we may excuse bank nifty for time being, and if you like to take bets than stay protected.

Keep visiting Way2Profits, for unbiased view on the market.

The following two tabs change content below.
We are covering Major Equity, Forex& Commodity Markets, Way2Profits filters information and streams meaningful conclusions right to your inbox. Technical Research is our realm and we fathom the depths.

Latest posts by way2profits (see all)