Bank Nifty & Nifty Technical Analysis for 24 July’13

Nifty as on 23 July’13– 6077.80 (+46.00)    Bank Nifty as on 23 July’13– 11239.70 (+152.75)

Traders Mentality, Analysts perspective.

We think in this market many analysts are cheering up and traders must be crying. As an analyst, we were expecting market to test somewhere around 6100 and Nifty almost tested this level. (If you want you can check our prior reports). So based on this heading of our article should be “Our view was vindicated by market”. But honestly from trader’s point of view or clients point of view, this rally or this view has not given us anything significant to talk about, in fact it has put us on hold, and make us scare to take any position in such a choppy market. We realized this fact, by speaking with one of our analyst friend, who called us and told, see my view was vindicated market tested 6100 level. After finishing his call, we though does it really matter.

At Way2Profits, we may go right, we may go wrong, but we are more focused and keeping traders mentality, with analyst perspective. If you wish to explore market with objectivity, then keep visiting us.

Now, coming to markets, Nifty opened at 6064.30 and we mentioned about first hurdle at 6067, which was easily taken away by and market moved higher subsequently. But the whole move was only for 30 points, which was also mentioned in our weekly outlook.  Frankly, neither we expected our readers to participate in this market, nor we had taken any position.

By looking at Bank Nifty chart, we are really confused, based on candlestick, Bank Nifty has given star candle, which has potential to turn Evening start, by giving weak close today. But, this pattern is more suitable on tops, rather than at this juncture. CNX IT is running for nothing, making highs, and holding Nifty, now, how farther it can go, 7750 or 7985, we doubt.

Nifty Trading Strategy

Nifty move will be dependent on Bank Nifty and CNX IT. But based on pivots, Nifty on moving above 6100 can extend gains towards high of 6229. If you ask us how much sure you are, then our answer will be 50-50, but stay objective with trailing stop losses.

Bank Nifty Trading Strategy

For Bank Nifty, 11265-11285 will be key levels. To turn bullish from here, it has to sustain above this level, in that case it can go up to 11450 levels. Below 11300 Bank Nifty will stay mixed.

Lastly, don’t bring any position at home.

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