Monday, December 21, 2009

Technical view and Short term Outlook of Bank Nifty and Cnx IT

Bank Nifty (spot) 8599.00
Bank Nifty Intraday levels and range



Today, if Bank Nifty sustains below 8565, then it could test 8400 and below that level it could test 8300.


Instead, if Bank Nifty trades above 8565, then it could test 8730.


For Intraday, the crucial level is 8565.




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) 5687.00






Cnx IT Intraday levels and range




Today, if Cnx IT sustains below 5710, then it could test 5600.


Instead, if Cnx IT trades above 5710, then it could test 5770.


For Intraday, the crucial level is 5710.




Short term Technical View of Cnx IT


The level 5750 is crucial for Cnx IT is the short term. If it fails to move above this level in another five trading sessions, then it is likely to see a short term correction towards 5300 level.