Index Analysis Nifty (Spot): 5881.00 Analysis: Head & shoulder pattern break down is clear visible now, which we discussed from the very beginning of last week and recommended every one remaining bearish on the market. We also discussed about the short lived counter wave which might touch 5990 but last day it failed to progress beyond 5972 and got sold into. It reacted down from that neck line resistance for the third consecutive session and ended the week with a bearish marabozu candle. It closed below last three weeks low and confirmed midterm down trend to resume once again. Since entire week we talked about 5850 (50% retracement level) of its recent pull back so, need not to say it is just a matter of time to achieve that level. However recent developments in candle pattern and position of indicators suggest us to extend our down side target till 5760 but still we don’t prefer aggressive short rather recommend 5920-5930 level as the ideal short selling position. Nifty (Fut): 5895.20 Trading Strategy Buy above 6000 Target: 6040 SL: 5980 Sell below 5860 Target: 5820 SL: 5880 Bank Nifty (Spot): 12231.50 Analysis: Bank nifty got hammered down from 12500 once again, what we continuously projected in last few communications. We also talked about 12150; the immediate down side target so, hold our stand and recommend staying bearish as of now. Though we don’t recommend aggressive short selling as we approaching towards 50% retracement level as this could bring a pull back into play. Bank Nifty (Fut): 12227.35 Trading Strategy Buy above 12500 TGT:12600 SL:12450 Sell below 12100 TGT:12000 SL:12150
Posted on: Mon, 10 Jun 2013 04:19:58 +0000