Technical View and Trading calls of Cnx IT & Bank Nifty, 31 December 2010

Bank Nifty Intraday levels and trading tips

Today, 11650 is crucial for Intraday.

If Bank Nifty sustains below 11650, then it could test 11380, and below that level it could test 11280.
Instead, if Bank Nifty trades above 11650, then it could test 11850.

Short term Technical View of Bank Nifty

The level 11200 is crucial for Bank Nifty in the short term. As long as it trades below that level, a decline to 9800 level is likely. Instead, if it trades above 11200, then it could test 12500.

Cnx IT Intraday levels and and trading tips

Today, 7480 is the crucial intraday level.

If Cnx IT sustains above 7400, then it could test 7550.
Instead, if Cnx IT trades below 7480, then it could test 7400 and below that level it could test 7250.

Short term Technical View of Cnx IT

The level 6350 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 6350, then it could test 7000.