Bank Nifty & Nifty Trading Strategy for 05 July’13

Nifty as on 04 July’13– 5863.95 (+66.05)    Bank Nifty as on 04 July’13– 11381.20 (+23.40)

It seems that Bulls grab the last opportunity.

On intraday basis Nifty and Bank Nifty witnessed high volatility, move was like a roller-coaster ride, and finally Nifty closed with gains, and Bank Nifty stayed neutral. Again both are not in sync, while CNX IT is turning up positive.

Now, Nifty has stiff resistance near 5890, any closing above this level will be confirmation that yes, Bulls have a fare chance to take over, below this level move will be skeptical.

Nifty Trading Strategy

Stay long in Nifty with stop loss of 5820 on closing basis. Mind it, still it is just an intraday opportunity, all factors are not in favor of bulls, especially on weekly basis, outlook is still little dicey, may be one or two more positive closes will give boost to weekly time frame.  So don’t get carried away.

Bank Nifty Trading Strategy

As we mentioned above Bank Nifty is closed with doji like candle, with no real body, which is a sign of indecision. If, Nifty has underlying strength then today, Bank Nifty should ideally perform and break the myths. Turn long in Bank Nifty above 11500. Short opportunity opens below 11300 level.

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