Bank Nifty & Nifty Trading Strategy for 11 July’13

Nifty as on 10 July’13– 5816.70 (-42.30)    Bank Nifty as on 10 July’13– 11364.45 (-78.00)

Close Friendship of two price levels.

Bulls were about to take charge, and unfortunately Bears broke the myths. According to our understanding it was just 30 points game, even we mentioned yesterday also, but see Nifty made a high of 5879.35 not even 5890, and finally took sharp U turn and settled on support of 5816. Market is playing game of catching the ball, what we used to play in our childhood. You and your friend stands opposite to each other, one throws the ball and other catches. Nifty is doing the same thing between 5900 and 5800 like two close friends. Don’t know when they will break the friendship. We had expected market has a fare chance to move on upside, (we gave 70% probability, but above 5890 levels).

Nifty Trading Strategy

As long as Nifty is trading above 5780-5750 level, we should not turn bearish on the market, but once 5750 is taken away on closing basis then we have to give serious thought. For intraday perspective, aggressive traders can go short below 5790 with stop of 5820.

Bank Nifty Trading Strategy

As we mentioned yesterday, we need to see close above 11500 till that time keep watch on it. In the last session Bank Nifty made a high of 11540 (honestly, we also thought that yes, it has done it), and it screwed up whole idea. Anyways, move below 11350 can take prices further lower towards 11000. Opening will be important.

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