Nifty and Bank Nifty Technical Analysis for 03 Oct’13

Nifty as on 03 Oct’13– 5909.70 (+129.65)    Bank Nifty as on 03 Oct’13– 10223.00 (+339.70)

Market opened on a fresh not with fresh bull power. Nifty made smart gain of 129 points and settled above 5900 levels. Similarly, Bank Nifty also moved in tandem with Nifty, to support this fact after last few weeks’ consolidation CNX IT Nifty also moved higher, which had added fuel to overall market.

Now this rally is drive by CNX IT Index?? Answer seems positive.

Nifty Trading Strategy

Once Nifty moves and holds above 5920 levels, fresh longs can be taken with minor stop loss of 5900 level.

Bank Nifty Trading Strategy

Banking Index has resistance between 10400-10600 levels, so ideally it may test this levels, in coming session.

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

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