Nifty and Bank Nifty Technical Analysis for 08 Oct’13

Nifty as on 07 Oct’13– 5906.15 (-1.15)    Bank Nifty as on 07 Oct’13– 10082.10 (-115.10)

Nifty after opening on a weak note made a low of 5825 and recovered all the losses in second half of the session, finally settled with no profit no loss. Whereas, Bank Nifty remained weak throughout the session, while CNX IT Index moved higher. All in all Index was managed by putting pressure on Banking Stocks and taking higher few IT, Pharma, Oil and metal Stocks.

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

Bank Nifty is in the mood of make or break. . If you are risk taker then go long in Bank Nifty with 100 stop loss below 10050 (future).

Now, if overall Index needs to move on a positive note than Banking Stock also has to perform.

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

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