Nifty and Bank Nifty Technical Analysis for 24 Oct’13

Nifty as on 23 Oct’13– 6178.35 (-24.45)    Bank Nifty as on 23 Oct’13– 10880.70 (+71.60)

After two days of indecision market turned volatile. On closing basis Nifty gave candle like Hanging Man which adding vigor to our skepticism. From this level, obviously two probable scenarios emerge, and most of the readers want to know that whether to turn bullish from this level, or bearish? Strategy should be Buy on Dips or Sell on Rallies?  Now, we are more biased towards downside, and we prefer to go with an Idea of Sell on Rallies. But don’t you forget, that derivative data and few sentiment indicates that still some buying can emerge and which may take indices higher, any which ways Bank Nifty is looking positive altogether and now PSU banks are coming into play. So even if we have to go for sell than why not go in phased manner with Big Boys; may be 6300+ level is good to level to look for selling opportunity.

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

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