Nifty and Bank Nifty Technical Analysis for 20 Sept’13

Nifty as on 19 Sept’13– 6115.55 (+216.10)    Bank Nifty as on 19 Sept’13– 11148.65 (+700.80)

Is it the Real Move??

Everybody is talking about sharpest rise market has seen in last few years, yes, undoubtedly move was very sharp, but we believe that move of 10 Sept’13 was quite a real, rather then yesterday’s move, where practical price range was of only 102 points, and balance was just gap up opening, so it is better to big gap day, and may be potential to show us island reversal day also, (just guessing).

Look at Bank Nifty, out of 700 points rise, real range of Bank Nifty was only 235 points, and rest almost 500 points taken away by gap. We think it is one of the kind of gap market has seen in its history (not confirmed).

Really surprised by CNX IT movement, keep it on.

Nifty Daily Trading Strategy

Traders, who are not long missed a chance, but going ahead, risk of reversal increases significantly. Why we are saying because, as we mentioned above move was not quite real, and now sustaining at higher level will be a tough task. Yes, there are chances that Nifty can move to retest 6229 levels. Don’t jump and turn short in Nifty, and if you are holding long then keep protected with proper stop loss. We are afraid of suggesting Long position at this juncture, and which is much obvious.

Bank Nifty Daily Trading Strategy

We think it is better to wait and watch for one day for taking fresh long position in Bank Nifty.

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