Technical View and Trading calls of Cnx IT & Bank Nifty, 8 May 2012

Bank Nifty Intraday levels and trading tips

Today, 9900 is crucial for Intraday.

If Bank Nifty sustains below 9900, then it could test 9800, and below that level it could test 9650.
Instead, if Bank Nifty trades above 9900, then it could test 10050.

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, 6080 is the crucial intraday level.

If Cnx IT sustains above 6080, then it could test 6250.
Instead, if Cnx IT trades below 6080 then it could test 6020 and below that level it could test 5950.

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.