Nifty & Bank Nifty Trading Strategy as on 09 May’13

Nifty as on 08 May’13– 6069.30 (+25.75)                Bank Nifty as on 08 May’13 – 12643.05 (+11.55)

After a sharp rise, some cool off is obvious and expected. Many pessimistic analyst’s are searching for reason and pattern which gives some clue that market is going to weaken, and can go short at top. I think still there is no clear signal of weakness; only last candle is slightly weak, but that it, momentum is intact, although with lower pace.

Nifty Trading Strategy

Given long strangle in Nifty is earning profit of more than 50 points, trader should exit, if holding yet. For fresh position traders have to wait for a while. Or apply Gann Square of 9 in and trade based on generated nifty trading levels. I prefer to stay long above 6050 level, so use only long pivots in Intraday. Use short pivots below 6040 level.

Bank Nifty Trading Strategy

Traders should exit from suggested Bank Nifty Long Strangle position in Bank Nifty, as Bank Nifty is struggling to move above 12783 mark.  For time being wait a right signal.

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