Nifty and Bank Nifty Technical Analysis for 29 Aug’13

Nifty as on 28 Aug’13– 5285.00 (-2.45)    Bank Nifty as on 28 Aug’13– 8760.85 (-109.65)

After extreme volatility day ends, and ended at an unexpected level. Yes, when day started we were prepared for dip in Nifty, sharp dip, and exactly what happened, made a low of 5118.85 and finally settled at 5285 with just a loss of 2.45; recovery is fine, but total recovery, is it killing away confidence of bears.

Today, August month futures will expire. We are little surprised that people are practically betting where Nifty futures will expire; firstly what is the need for doing this forecasting process, and secondly how it is actually benefited. May be we don’t understand logic behind this competition and our knowledge and understanding is not at par with some smart guys, who bet on exact price levels like August expiry will end at 5235. Now, if this level comes than it is by chance or some real study is involved. Mates, if you have time than please do share your knowledge with us.

It is better to excuse Thursday’s market, just see how market swings.

Keep visiting Way2Profits, for unbiased view on the market.

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