Nifty and Bank Nifty Technical Analysis for 28 Aug’13

Nifty as on 27 Aug’13– 5287.45 (-189.05)    Bank Nifty as on 27 Aug’13– 8870.50 (-503.05)

Most painful time we are seeing, and worse time is yet to come??

Traders and investors are screaming, brokers are screaming and eventually economy will start screaming. Traders are screaming because it is difficult to trade this market, investors are worried about their portfolio value, brokers are screaming as margins are deteriorating and retail and institutional clients are vanishing, all markets are falling and there is huge margin call requirement across the board, which is difficult to fulfill, and economy will start screaming because Indian Rupee is Plummeting like anything, last sessions was one of the sharpest fall Rupee might have witnessed and we don’t know still how much pain is on the cards. There is no respite from any source. We are sure; if traders are holding any position then they might have already received margin money call from their broker.

Frankly, yesterday we had anticipated some correction in Nifty and Bank Nifty, but not anticipated that, it will so sharp and brutal.

Nifty Trading Strategy

Is there any chance of recovery? Technically, answer is no, and looking at Indian Rupee movement it is very clear that Nifty may open Gap Down, unless and until there is some big announcement from Govt. Body. Cant say as of now. If, Nifty breaks below 5250 then watch for 5150 and somewhere near 5050.

Bank Nifty Trading Strategy

At first go it seems that damage is already done in Bank Nifty, but looking at intensity still some more pain may come. Below 8850, Bank Nifty can test 8550 and 8000 levels.

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