Nifty and Bank Nifty Technical Analysis for 18 Sept’13

Nifty as on 17 Sept’13– 5850.20 (+9.65)    Bank Nifty as on 17 Sept’13– 10279.60 (-88.80)

It’s CNX IT Index which helped Nifty to hold above 5800 levels, otherwise Bank Nifty and stocks remained weak during the session. Now, If CNX IT@8154 (spot) Index turns higher above 8170, then it has potential to turn positive and remain positive, but below 8100  first confirmation of weakness comes, and final confirmation below 8000 levels.

Coming to Nifty, it has supports near 5780 levels, so to see weakness in Nifty this level has to be taken away, next support comes at 5680 levels. But, in the shorter time frame, it looks slightly positive; we have to keep watch on it. Similar is the case with Bank Nifty.

Nifty Trading Strategy

Traders there are no very clear clues on the chart to take decisive bet now, it is better to wait for confirmations.

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

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