Technical View and Trading calls of Cnx IT & Bank Nifty, 16 August 2010

Bank Nifty Intraday levels and trading tips

Today, 10700 is crucial for Intraday.

If Bank Nifty sustains below 10700, then it could test 10600, and below that level it could test 10500.
Instead, if Bank Nifty trades above 10700, then it could test 10820.

Short term Technical View of Bank Nifty

The level 8825 is crucial for Bank Nifty in the short term. As long as it trades below that level, a decline to 8000 level is likely. Instead, if it trades above 8825, then it could test 10800.

Cnx IT Intraday levels and and trading tips

Today, 6160 is the crucial intraday level.

If Cnx IT sustains above 6160, then it could test 6200. 
Instead, if Cnx IT trades below 6160, then it could test 6110 and below that level it could test 6050.

Short term Technical View of Cnx IT

The level 6230 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 5650 level. Instead, if it trades above 6230, then it could test 6500.