Nifty and Bank Nifty Technical Analysis for 14 Jan’14

Nifty as on 13 Jan’14– 6272.75 (+101.30)    Bank Nifty as on 13 Jan’14– 11021.60 (+216.30)

See the classic case, how market can trap us. Up till last Thursday we had a strong feeling that market may go higher, but looking at Friday’s price action we were forced to review our stand and turn in sync with the market, which was likely to go lower. In fact, we also mentioned that even though Bank Nifty pierce 11000 level, but ideally it would not hold below this level. And see what happened, market moved sharply higher. Even by putting best of understanding and price behavior you had a fare chance to go wrong, and market proved us wrong, for a day.

Now, what to expect? Taking contrarian view, it is possible that once again market may trap the bulls who have taken fresh position today by moving in a sideways.  On an optimistic note, Nifty can test 6360+ levels.

Bank Nifty if holds above 11000 than it is fine, but below which there is no meaning to stay long. If there is real strength in Bank Nifty than we would like to see close above 11150 level, otherwise we will take this move as a trap.

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

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