Nifty and Bank Nifty Technical Analysis for 10 Oct’13

Nifty as on 09 Oct’13– 6007.45 (+79.05)    Bank Nifty as on 09 Oct’13– 10335.00 (+193.50)

Does this was anticipated by anyone?

Frankly, we anticipated that market will open gap down and trade with weak bias, but this smart engulfing move was nevertheless, was expected by us. But, let us admit that, we have one smart reader who is sharing his view with us has already informed us on 10.27 A.M that he is anticipating a rally. Let us put in his own words.

“I m expecting again 6021 . 😉 but yes if  my real-time studies supports it. 5996(future) seems to be the first target”  (For privacy purpose we are not sharing his name)

Hats Off To you Sir…

Nifty opened gap down, and started recovering quickly, same was the case with Bank Nifty. It seems that CNX IT which was the major driving factor for the market.  At this juncture market is moving in such a way that taking any call has become real tough.

Nifty Trading Strategy

As we mentioned in last article that Nifty is expected to move lower, and if it does not than it is one more trap.  Now, obviously market is heading towards 6142 to retest the last month high.

Bank Nifty Trading Strategy

Bank Nifty has few more hiccups to move higher, but looking at price action it seems that it will continue. Initial resistance we see at 10650, above which it sets tone for testing September month high of 11219. Keep watch on it.

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

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