Technical View and Trading calls of Cnx IT & Bank Nifty, 6 May 2011

Bank Nifty Intraday levels and trading tips

Today, 10850 is crucial for Intraday.

If Bank Nifty sustains below 10850 then it could test 10650, and below that level it could test 10400.
Instead, if Bank Nifty trades above 10850, then it could test 11000.

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, 6550 is the crucial intraday level.

If Cnx IT sustains above 6550, then it could test 6620.
Instead, if Cnx IT trades below 6550, then it could test 6480 and below that level it could test 6350.

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.