Live Market

Monday, May 17, 2010

Great Fall&Great Recovery

Before reading this just read the previous post before this post.
What we were saying the Gap Filling is almost filled today(9293-98 is left still) and today due to the gap down Bank nifty fell down from friday closing 9583 and this gap is also filled (9555-82 is left)to some extend in the afternoon trade.
We had a great chance to cover our positional shorts and gained more than 500 points.we were expecting the banknifty will take supports in 9288 level and bounce back. In the opening, we did a sell for intrday and placed a buy at 9292.00 for both intra&positional.The market fell down as we expected and we covered our all our shorts at 9307.00level( our tgt is almost done the low today was 9298.00,we missed tgt in 6points,but covered shorts safely well before at 9307)
So,what will be tomorrow market...The nifty is still trade around 5050 and it has strong resitance at 5115.The bank nifty moving average is still not improved .The market in my view now is cat on the wall and it may react according to the global cue's.Technically it has to go down.

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