We have a Game On today between confident buyers and aggressive sellers.
Hopefully they resolve the range of the past three weeks once and for all.
The value areas for Nifty are 5339-5327-5314 and for the Bank Nifty they are 9631-9610-9581.
Value high at 5339 and the seller at 5344 if overcome can mean an auction to the 5367 zone, where a slow down can happen to decide further moves.
I’ve taken a long at 5345 with a stop at 5327 for 5367.
July 9, 2010 9:23 AM
Bank Nifty is also a buy above balue at 9632 for a tgt of 9680. Sl 9600
July 9, 2010 9:25 AM
Nifty at 5366. Cover 50 % and rest sl at cost.
Book 50 % profits in BN here at 9665.
Hold bal at cost.
July 9, 2010 11:33 AM
My reasons for exit in the Bank Nifty as well before we hit our target was the fact that we hit 5367 on the Nifty.
Over the years, I’ve learn’t not to give back to the market hard-earned gains, especially at pivotal points.
Profits are always better in the hand than on the screen !
Looking further, if our cost holds, we should get to 5382 on the Nifty and 9715 on the Bank nifty.
I’ve received emails from readers that often they trade in single lots of Nifty. I would suggest 2 or 3 lots of Mini Nifty in such cases rather than one lot of Nifty.
It is also important that when a trade moves in your direction, you let it run. The second run is risk-free.