Nifty and Bank Nifty Technical Analysis for 22 Oct’13

Nifty as on 21 Oct’13– 6204.95 (+15.60)    Bank Nifty as on 21 Oct’13– 10797.60 (+52.70)

In our weekly update we discuss about price action in past, as market is approaching near to the top.  Today, morning we were browsing through some news, we came across the video of Ace Fund Manager Mr. Samir Arora and his one statement hits to our mind, that “everybody is talking about market is near all time high, but Does this look alike all time High”. Probably exactly what we tried to say in our weekly report.  (Hopefully, one day we can also describe whole story in just one statement – Amin) If anybody wish to hear him then click here

Coming on to today’s market. Nifty and Bank Nifty both remained range bound, although few stocks were outperformed the markets. But, if we see Indices then it is the signal of indecision, now we have to see who comes ahead next day.

Few of our readers asked us, whether you see Inverted Head & Shoulder patter in Nifty? In simple words answer is No. Look at patterns where it is likely to happen. Every structure is not necessarily emerge as particular pattern.  We know that this confusion is created by few brokerage houses and few bloggers.

Nifty Trading Strategy.

Retail participants must be looking for entry point in Nifty, as they have missed out feeling. We would suggest don’t get carried away. If at all you want stay in market, go stock specific now its high time for Nifty. Keep Patience, you’ll also get chance.

Bank Nifty Trading Strategy

Frankly, we are of the opinion that Bank Nifty can test 11200 levels, but not convinced much by looking at breadth of the market and price behavior. Here, also we like to stay apart.

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

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