Nifty and Bank Nifty Technical Analysis for 11 Sept’13

Nifty as on 10 Sept’13– 5896.75 (+216.35)    Bank Nifty as on 10 Sept’13– 10188.25 (+226.85)

What Drives the Markets? Many a times it is big puzzle for market participants. Yesterday (Tuesday) was the day when everyone get shocked by the rally. Yes, positive undertone was very very much expected, but movement of almost 4% with gains of 216 was not expected at all. This rally has serious contribution from USD/INR, which started appreciating (INR) rapidly.

Now, bulls are in full swing and euphoria has already build up, taking any fresh longs will be much riskier, if not already long. Banking sector has not performed in last sessions rally, and which depicts weak tone, but still we expect some positive move, unless and until low of 10084 is taken away.

Nifty Trading Strategy

Nifty after making high of 5900, settled slightly below. Fresh longs can be taken above 5900 with financial stop loss of 20. But, if Nifty holds below 5900 level, then aggressive traders can take short position, risk here is, may be in Intraday volatility there could be high chance that your stop can be taken away by spikes. So, better take small bet, but don’t compromise on stop loss.

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