Wednesday, December 30, 2009

Technical Outlook and Short term Levels of Bank Nifty & CNX IT

Bank Nifty (spot) 8988.00
Bank Nifty Intraday levels and range


Today, if Bank Nifty sustains below 8970, then it could test 8850.
Instead, if Bank Nifty trades above 8970, then it could test 9050.


For Intraday, the crucial level is 8970.




Short term Technical View of Bank Nifty


The level 9050 is crucial for Bank Nifty in the short term. As long as it trades below that level, a decline to 8000 level by this month end is likely




Cnx IT (spot) 5785.00


Cnx IT Intraday levels and range


Today, if Cnx IT sustains below 5760, then it could test 5870.


Instead, if Cnx IT trades above 5760, then it could test 5680.


For Intraday, the crucial level is 5760.




Short term Technical View of Cnx IT


The level 5780 is crucial for Cnx IT is the short term. If it fails to move above this level, then it is likely to see a short term correction towards 5300 level. Instead, if it trades above 5780, then it could test 5900.