Technical View and Trading Levels of Cnx IT & Bank Nifty, 05 July 2010

Bank Nifty Intraday levels and range 

Today, 9300 is crucial for Intraday.

If Bank Nifty sustains below 9300, then it could test 9240.
Instead, if Bank Nifty trades above 9300, then it could test 9430.

Short term Technical View of Bank Nifty

The level 8825 is crucial for Bank Nifty in the short term. As long as it trades below that level, a decline to 8000 level is likely. Instead, if it trades above 8825, then it could test 9800.

Cnx IT Intraday levels and range 

Today, 5840 is the crucial intraday level.

If Cnx IT sustains above 5840, then it could test 5900 and above that level it could test 5940.

Instead, if Cnx IT trades below 5840, then it could test 5770 and below that level it could test 5700.

Short term Technical View of Cnx IT

The level 5900 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 5300 level. Instead, if it trades above 5900, then it could test 6020.