Nifty and Bank Nifty Ready for Bounce?

By | August 3, 2011

Bank Nifty

Bank Nifty closed above the crucial trendline support and level of 10545 should be held for upmove in bank Nifty in coming session.

Stoch is in oversold zone but still no Buy is triggred. Holding 10545 will give strength to upmove till 10900 levels.

Below 10545 levels Bank Nifty can easily slide till 10300 levels easily where next support lies.

Buy above 10686 Tgt 10720,10758,10800

Sell below 10545 Tgt 10482 and 10419

 

Nifty

For Day Traders Trading Nifty has been difficult from past 5 sessions. Nifty has formed DOJI in past 4 sessions after doing a breakdown.

There is no panic which is coming into and Why is that ?

Reason Being the Lowest Rollover in Nifty from past 3 years happened in  July series,So no panic liquidation is happening for Nifty.

Well we need to adjust ourselves as per market and trade accordingly and always trade as per your system.

On Daily chart Nifty continued its downtrend with a gap down opening  and in the process gap till 5444 remains unfilled. Tomorrow if market starts trading above this level of 5444 can see a bounce back till 5480-5500 levels.

Stoch is in oversold zone but No buy has been triggered till now.

Nifty Weekly

 

Weekly chart we are near an Important support of trendline. Closing near it and 2 days more to go for the week ending can make the case for a Bounce Back in Nifty if 5378 is not broken for next 2 days.

 

Nifty Fibo:BULLS saved 5404

I mentioned in my morning post also 5404 is an important level to watch as its 61.8% Retracement. BUlls saved the day by just closing above this level.

Close below 5404 will drag Nifty till 5311 levels.

Buy above 5422 Tgt 5445,5469 and 5501

Sell below 5378 Tgt 5358,5337 and 5310

 

Levels mentioned are SPOT levels.

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