Nifty and Bank Nifty Technical Analysis for 09 Oct’13

Nifty as on 08 Oct’13– 5928.40 (+22.25)    Bank Nifty as on 08 Oct’13– 10141.50 (+59.40)

Day when you are a winner, and still you are a loser. Market moved higher in line with our expectations, especially Bank Nifty witnessed significant rise, but unfortunately it was just gap up opening and subsequently reversal, total reversal.

Nifty made a high of 5981.70, broke the myths, broke the fractal high of 5950 and made force exit for shorts in the Nifty, thrown challenge to everyone and then started reversing quickly.

We were expecting Bank Nifty to test 10400 levels, it made a high of 10451.20 and we thought my goodness it will move to 10600, but our excitement proved short sighted in fact, we realized that it is real trap.

Nifty Trading Strategy

If, you are holding any long then it is better to exit for time being, there is a high probability that Nifty will move lower today (9 Oct), if it does not than it is one more trap.

Bank Nifty Trading Strategy

Practically, Bank Nifty does not give us any entry chance, but anyways if you are holding long than better to exit, and look for short trade.

Don’t stay put in Nifty and Bank Nifty together.

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

The following two tabs change content below.
We are covering Major Equity, Forex& Commodity Markets, Way2Profits filters information and streams meaningful conclusions right to your inbox. Technical Research is our realm and we fathom the depths.

Latest posts by way2profits (see all)