Live Market

Tuesday, August 24, 2010

The Aggression in Banknifty Future is Reduced...

The Aggression in Banknifty Future Was Reduced...Last few days we have been observing that the aggression in banknifty future was reduced when we compare the move of the past few weeks.Last week we have seen ,it used to fall to the low and take supports in the critical support levels and used to move fast 100 + points and breakout the days high...This aggression was reduced visibly. Today from the opening the banknifty was slowly falling down to 10900 levels and broke down 900 and shown days low of 10971 and slowley moved up to 950 levels and closed down 10950.The opening was the day high and was unable to move up beyond 11,000 levels may be this caused due to the profit booking or F&O closing is ahead in 2 days...
The Nifty is also was traded in a narrow range in the whole day.if the nifty move above 5552 only its gain momentum to go up and it may find difficult to cross over 5600 levels as it seems to be a hurdle.The 5474 is the support now and break down this will lead to 50+ points fall.The Global cue's are seems not strong enough.The dollar fall,gold price rise..are few symptoms that shows market move up is uncertain.
What do we expect in Baknifty Now?
As per the above the banknifty now shown weakness but many a time it shown false breakout's and took support in the critical levels and rised up and sustained above 10800 levels...Mainly when it fall to 10300 and rised nearly 800 points in few days and still maintaining the level above 10800 so, a move down to this 800 level only confirm a firm weakness's and a fall down to 10736 will enhance a trend reversal.Tomorrow we need to watch out the the 10866 levels a move down to it avoid buying..if open above 10980 may take it to further 11050+levels..Now a greater possibility for a sideways trend.

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