Nifty and Bank Nifty Technical Analysis for 13 Nov’13

Nifty as on 12 Nov’13– 6018.05 (-60.75)    Bank Nifty as on 07 Nov’13– 10583.10 (-175.40)

Since from Muhurat Trading session market is consistently falling, seven sessions are already done and we are down by almost 400 points from the highs of 6400 levels.

Now, we have our own doubts regarding this further fall in the market. Simply, from pre and post Diwali sessions media and experts were bullish. Below, 5900 or 5800 levels, this whole sponsorship programme can go haywire and retail would not be interested to enter at all.

What next. We see support in Nifty at 5980, if this level is taken away then we have further 100 points fall, so keep close eye on 5980, we expect some support here.

Similarly, in Bank Nifty below 10550-10500 we see big fall in Bank Nifty. At this juncture it is evident that Bank Nifty could go down, but if it will go down than everybody has to pay for it. So, fingers crossed.

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

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