Nifty and Bank Nifty under Bear Attack

By | July 26, 2011

Bank Nifty

Bank Niftycrashed today after RBI did the shocker raising the Repo Rate hiked by 50 bps . Market was not prepared for this and

corrected 2.3%.

Bank Nifty was unable to cross 11451 levels which was the first sign of bearishness.

As per daily charts bank nifty is still trading in a range of 11451-11000 and till the breakout on either side do not happen Buy near the lower end with 30 Point sl and short near higher end with 30 pt sl will give very good trades.

Levels for Tomorrow

Buy above 11204 Tgt 11260,11340 and 11432

Sell below 11,068 Tgt 11000,10960 and 10890

Nifty

Nifty was unable to breach 200 DMA@5718 for 2 time this month which is a bearish sign for short term,To add to it we have formed

an Bearish engulfing pattern which is again having bearish implication.

Now support of 5535 and 5497 are the levels bulls to protect and Bears should break.

 

Nifty for 2 times in a month has given a fake breakout. On 25 th July it gave a breakout closing above 5659.

AS seen in below chart Nifty tried to breach the upper trendline but this time also gave a corection.

5700 is Laxman Rekha for Bulls now


Levels for Tomorrow

Buy above 5613 Tgt 5642,5664 and 5702

Sell bel0w 5560 Tgt 5535,5522 and 5497

Leave a Reply