Nifty and Bank Nifty Technical Analysis for 13 Dec’13

Nifty as on 12 Dec’13– 6237.05 (-70.85)    Bank Nifty as on 12 Dec’13– 11635.50 (-148.85) Looking on hourly developments we were expecting some bounce back in Nifty and Bank Nifty, but market remained weak throughout the day. Day before yesterday we recommended short in Nifty, and yesterday we asked to exit, but fortunately it has given some profit to our readers. At this point, opportunity of going long is mitigated, unless and until market gives some bounce back from the swing high of 6212, which needs to be carefully watch for, if this level is taken away, we can see further dip towards 6150 level. But, we should not forget, on Friday some profit booking will take place. We are still cautious while taking any position in the market. For going short we are convinced much and Bull power is not visible much.

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