Nifty and Bank Nifty Technical Analysis for 27 Sept’13

Nifty as on 26 Sept’13– 5882.25 (+8.40)    Bank Nifty as on 26 Sept’13– 10098.30 (+16.60)

Most Unforgettable Expiry.

We think this was most unforgettable expiry day. What a tight range was managed in Nifty, Bank Nifty, and CNX IT. Like market was in Holiday, and most players have already settled their contracts. Possibly big players might have already roll-over their position, but still we rarely see that on the day expiry market moves in a such a way.

Now, what is next on the cards?

At first glance, Bank Nifty is still appearing weak to us. Price action in CNX IT Index is suggesting that something is fishy here, otherwise it would have fallen much earlier, and still it is maintaining its stance, that means that there is vested interest in CNX IT Index, it is better to wait for confirmation. Nifty, waiting for breakdown then 5840-5830 would be first signal 5800 would be next, which can take Nifty towards 5700 levels.

We see one probability that today i.e. (Friday) market may give sharp breakdown, (we are not sure for that)

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

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