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

Nifty as on 03 May’13– 5944.00

Nifty as on 03 May’13– 5944.00

Nifty as on 03 May’13– 5944.00                       Bank Nifty as on 03 May’13 – 12709.95

After sharp rise of last Thursday, such inside day was not expected by most of the optimistic players. As far as I am concerned I actually lost hope on Thursday by sharp rise, otherwise I was clearly mentioning about minor pullback in prices, which was an opportunity for medium term players. Anyways, its market and it can’t rely on my or your opinion or for that matter anyone’s. It teaches you a lesson and you have to accept it and move ahead.

Nifty Trading Strategy

Now, its toss kind of situation for both bulls and bears, Monday’s positive close can negate possibility of reversal or weak close below 5870 will confirm weak tone. And based upon this move follow up will be seen. Now, it is guess for anyone, if hold true than, dekha maine bola tha, or fails than keep mum. If you ask me what is my personal bias, than I would say some weakness can be expected, as I was expecting earlier also, which is delayed (but it is more by experience than any particular study), we need some confirmatory move, to take call.

Bank Nifty Trading Strategy

On last Thursday Bank Nifty proved me wrong, and I admitted it, and it took away my stop loss by just moving higher by 30 points only, as my stop was 12750 and Bank Nifty made a high of 12783.30. Anyway loss is done. Now I think Bank Nifty has given 60-70% confirmation of weakness.

Traders has to play smartly in Bank Nifty, where it opens on Monday, don’t rush to go short immediately, you have to take chance when Bank Nifty bounce towards 12500 or higher, Buy Puts of 12100. Here I can’t give you exact price, as in intraday you have to take decision. Stop loss for this trade should be kept above 12750 level only.

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