Technical View and Trading calls of Cnx IT & Bank Nifty, 5 May 2011

Bank Nifty Intraday levels and trading tips

Today, 11000 is crucial for Intraday.

If Bank Nifty sustains below 11000 then it could test 10800, and below that level it could test 10650.
Instead, if Bank Nifty trades above 11000, then it could test 11200.

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, 6500 is the crucial intraday level.

If Cnx IT sustains above 6500, then it could test 6680.
Instead, if Cnx IT trades below 6500, then it could test 6400 and below that level it could test 6300.

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.