Nifty & Bank Nifty Trading Strategy as on 06 June’13

Nifty as on 05 June’13– 5923.85 (+4.40)    Bank Nifty as on 05 June’13– 12289.35 (+14.25)

Interesting, Nifty made a low of 5883.70 and subsequently turned higher from lower levels. As I was expecting support near 5870.  Similarly, in Bank Nifty made a low of 12196.75,whereas I was expecting support near 12150. Point I am trying to make is Nifty and Bank Nifty turned from support levels, which is crucial and for me it is one hope, that Nifty and Bank Nifty has some potential to turn higher again. Although, both settled only with marginal gains, but it is welcome move, now I will be waiting for confirmations.

Nifty Trading Strategy

If, today Nifty opens above 5950 and sustains above 5975 then traders might go long in 6100 CE option. And, if above hypothesis proves wrong, than look for short position below 5870 level.

Bank Nifty Trading Strategy

Once, Bank Nifty moves and sustain above 12400 level, we’ll get confirmation that trend has potential to reverse, and after which should be looking for long trades. Above 12400, Bank Nifty has potential to go up to 12900 levels. Otherwise, shorting opportunity will come below 12150 level.

In last session, Bank Nifty moved higher and finally turned lower. I think negative trend will continue up to 12150, and there we’ll get some fresh clues about market, in the sense whether to turn long or short in Bank Nifty.  Aggressive Traders can intraday short bets targeting 12150 levels.

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