Bank Nifty & Nifty Technical Analysis for 25 July’13

Nifty as on 24 July’13– 5990.50 (-87.30)    Bank Nifty as on 24 July’13– 10720.15 (-519.55)

Finally Bank Nifty gave up, and gives us some decisive action, after keeping us confused for long time. It seems that Bank Nifty has opened window for downside, and eventually which can drag Nifty also. Only supporting factor is CNX IT which is still running on positive note, but it also has a limitations. Since from beginning of this week, we were really not comfortable in going long, we mentioned this quite often in our daily commentary.

Don’t forget that today is expiry.

Nifty Trading Strategy

Nifty gave weak close, but still holding above few supports. On conservative note we need one weaker close in Nifty. Aggressive traders can go short in Nifty with stop loss of 6050, targeting 5900 levels. Between, 5900-5800 there is risk that Nifty again reenters into congestion zone.

Bank Nifty Trading Strategy

As we were mentioning from last couple of sessions that, below 10970 we are seeing sharp decline in Bank Nifty and it gave. If Bank Nifty sustains below 10850 then we are going to see roughly 10000 levels.

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