Technical View and Trading Levels of Cnx IT & Bank Nifty, 16 July 2010

Bank Nifty Intraday levels and range 

Today, 9890 is crucial for Intraday.

If Bank Nifty sustains below 9890, then it could test 10000.
Instead, if Bank Nifty trades above 9890, then it could test 9800.

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, 6000 is the crucial intraday level.

If Cnx IT sustains above 6000, then it could test 6060 and above that level it could test 6130.

Instead, if Cnx IT trades below 6000, then it could test 5950 and below that level it could test 5900.

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.