Nifty and Bank Nifty Technical Analysis for 10 Jan’14

Nifty as on 09 Jan’14– 6168.35 (-6.25)    Bank Nifty as on 09 Jan’14– 10970.45 (-83.25)

The way in which market is behaving is raising our concern. Initially we thought that probability of market taking bounce from this level was higher, but last two days price action and market breadth is not supporting our thought process (although we are on a long side), but may be now it has equal probability or near to equal probability to turn bullish or bearish.

Our cause of concern is keeping tight stop loss. In any case if we keep tight stop loss than for sure we have to surrender and book the minor loss, and if we are keeping a stop than we are playing with risk. Honestly, we don’t know what to do, at this point, may be we’ll look for first half and hour movement and take our call, which is again more judgmental rather precise.

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

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