Bank Nifty & Nifty Trading Strategy for 02 July’13

Nifty as on 01 July’13– 5898.85 (+56.65)    Bank Nifty as on 01 July’13– 11714.90 (+97.65)

Nifty Bulls were cheering up.

Yes, Nifty again made some sharp move in the last session. For some, Nifty again moved above its 200 day average, for some Nifty gave higher close above 5863 (previous minor swing high), and for some momentum is in swing. Now, for us also Nifty has increased our confidence, but if we take view in the isolation. I am little skeptical only because CNX IT gave weaker close today, and Nifty driver Bank Nifty is not in the same mood as Nifty. Traders who are active in the market will understand what we are talking about.

Nifty Trading Strategy

Ideally, Nifty should not move below 5860, (for intraday players) for end of day traders, it should not give close below 5815. Yes, we know it is broad range, but that is the practical way to look. If Nifty sustains above 5905 then, it has upside target of 5975.

Bank Nifty Trading Strategy

As we mentioned above Bank Nifty is not in its best, but still positive. On the upside Bank Nifty will face resistance near 11950.  We would prefer to excuse Bank Nifty for time being.

Visit, Way2Profits for unbiased view.

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