Nifty Trading Strategy as on 23 Apr’13

Nifty as on 22 Apr’13 – 5834.40                       Bank Nifty as on 22 Apr’13 – 12576.60

Today, it was Bank Nifty who remained in focus. Bank Nifty witnessed sharp rise compare to Nifty. Although, Nifty closed in positive.

Going in details, momentum in leader of bank nifty-state bank of India (SBIN) seems exhausted, and somewhat similar situation has arisen in other banking stocks too. Please there is no sell signal yet, but on immediate term there is limited upside left, probably prices may take minor pullback and move ahead. (Overall trend remains bullish).

Nifty remained somewhat range bound, but it happens. In such type of market your trading strategy should be strictly followed, infact it should be followed in all market conditions.

Nifty Trading Strategy –

Traders who are already long Nifty can hold position with strict stop loss of 5800 (cash), taking fresh positions can be little riskier at this point in time. If, Nifty witness selling pressure, and moves below 5800 than  Buy Puts of 5700, next month expiry, can be bought with target of around 5730 level.

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