Bank Nifty & Nifty Trading Strategy for 16 July’13

Nifty as on 15 July’13– 6030.80 (+21.80)    Bank Nifty as on 15 July’13– 11790.25 (+67.45)

Nifty negated last Fridays potential Hanging Man, it is little relaxing, but still we think that, trader should stay cautious, as it not totally out of woods. CNX IT index after terrific Breakout, creating Island reversal kind of pattern, which is the risk to overall market sentiment. Bank Nifty is looking firmer, and finally manages to move above previous swing high of 11750, although closed marginally higher, but it is the good sign. All in all we have some good, some Ok kind of situation, so don’t be aggressive.

Nifty Trading Strategy

If trader is holding long position then hold with a stop loss of 5980. Fresh position can be taken once Nifty moves above 5930 with same stop.

Bank Nifty Trading Strategy

Based on our weekly recommendation, if trader has initiated long position in Bank Nifty, or bought 11900 CE option, than hold the position, with a stop of 11700.

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