Technical View and Trading calls of Cnx IT & Bank Nifty, 29 August 2011

Bank Nifty Intraday levels and trading tips

Today, 9220 is crucial for Intraday.

If Bank Nifty sustains below 9220, then it could test 9100, and below that level it could test 9000.
Instead, if Bank Nifty trades above 9220, then it could test 9350.

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, 5260 is the crucial intraday level.

If Cnx IT sustains above 5260, then it could test 5350.
Instead, if Cnx IT trades below 5260, then it could test 5180 and below that level it could test 5050.

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.