Nifty and Bank Nifty Technical on IIP day

By | August 11, 2011

Nifty Hourly

Nifty had a sideways day today,trading in a tight range after the Volatile session we had in last 6 days. Todays session can be termed as sideways which triggers sl for both Bulls and Bears.

Looking at hourly chart we are stuck in trading range of 5116-5198 and break out on either side will see a move of at least 50 points .

Tomorrow We have the IIP data which will dictate the Trend of Market after 12 PM and will help in breaking the range on upside or downside.

As a Trader we should always trade on levels and Trading Plan

Nifty Daily

On Daily Chart Nifty is stuck in range and IIP Data and Dow Cues will give us the range breakup As of Today Stochastic has given a buy signal on Daily charts.

Real test will come at 5220-5230 levels where Nifty will face supply, If Nifty is above to move above 5230 than short covering will take index to 5320 odd levels to fill the gap.

Levels for Tommorow

Buy above 5186 TGt 5200,5220,5239 and 5275

Sell below 5116 Tgt 5084,5047 and 5020

 

Bank Nifty

 

Bank Nifty is unable to cross 10516 levels which is was mentioned today in morning post. Upside will be possible only after crossing the above level.

Bank Nifty is showing good strength on upside and its leading the Nifty.

Stochastic has generated a Buy in BN with its closing above 10463.

Buy above 10516 Tgt  10580 and 10644

Sell below 10393 Tgt 10335,10276

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