Nifty and Bank Nifty Technical Analysis for 29 Oct’13

Nifty as on 28 Oct’13– 6101.10 (-43.80)    Bank Nifty as on 28 Oct’13– 10773.20 (-123.30)

Three days left for expiry and almost six days for Diwali, and market has given first sign of weakness, is it going to crack down in coming days?

Nifty almost reached to threshold limit for confirmation of weakness, and we are ready to initiate short in the Nifty only we need to keep check whether it proves to be false breakdown or not? In the Bank Nifty still one more weak close below 10680-10650 is needed, if not than we may trap in false breakdown.

Trading levels may be tricky, and it depends upon the individual personality and trading style. On the downside we are targeting 5920-5900 levels, please don’t ask us this expiry or next expiry

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

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