Nifty and Bank Nifty Technical Analysis for 01 Oct’13

Nifty as on 30 Sept’13– 5735.30 (-97.90)    Bank Nifty as on 30 Sept’13– 9617.80 (-281.95)

Nifty opened week on a negative note. Most of the day Nifty remained range bound, but gave away in last half an hour. Importantly, spread between Spot and futures prices of Nifty is higher, in isolation which is bullish indication for the market, but looking at price action this hypothesis may be overruled.

Nifty has a support near 5715, and in the last session it made a low 5715. According to us once, 5700 level is taken away it is confirmation that Nifty will test 5500 levels.

Bank Nifty continued its downward journey, on immediate front Bank Index has a support at 9400, once this support is taken away Bank Nifty will straight away head for 9000 levels.

Keep visiting Way2Profits, for unbiased Daily view on the Nifty and Bank Nifty.

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