Nifty and Bank Nifty Technical Analysis for 17 Sept’13

Nifty as on 16 Sept’13– 5840.55 (-10.05)    Bank Nifty as on 16 Sept’13– 10368.40 (+187.95)

Somehow, Nifty managed to open Gap Up in last session, but could not sustain higher for more time. Last week’s High of 5932 was taken away, but finally Nifty closed at 5840, much below the level.

Bank Nifty also tried to move higher towards 10500+ levels, but it also failed and add on to that CNX IT Index gave away.

Nifty Trading Strategy

To us Nifty and CNX Nifty is looking weaker, but we are little skeptical about Bank Nifty, we cant overrule some further upside in Bank Nifty, although there will be a tough fight, but generally Bank Nifty always gives unexpected. Nifty on holding below 5870 can test 5700 levels.

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