Bank Nifty & Nifty Trading Strategy for 12 July’13

Nifty as on 11 July’13– 5935.10 (+118.40)    Bank Nifty as on 11 July’13– 11655.30 (+290.85)

Ohhh Finally…

Yes, finally we see breakout from Pennant Formation, with one more Breakaway Gap, and finally gave relief to Bull Camp. It seems that major contributor today was CNX IT index, which also opened Gap Up. Bank Nifty is trading with positive bias, but it has few more resistances to cross.

Do we need to say our given high probability held true??

Nifty Trading Strategy

Ideally, Long position should be maintained with a stop loss of 5905 on closing basis. Fresh longs can also be created at this level provided, on any pullback, with stop of 5885, but that too, we required closing above 5905, if no then better exit, and as it is Friday. On the upside we are expecting minimum 5975 levels.

Bank Nifty Trading Strategy

We believe Bank Nifty is laggard this time, as earlier it was show stopper of the show, and going ahead it can be a big threat to Index, but anyways, now it’s time to enjoy the trend. Bank Nifty has immediate resistance from recent swing high of 11753 above which it has potential of more 200 points.

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