The banknifty today opened near 10880 and from there are slowely moved ahead to 10970 levels and sustained there for a longer time and in the after noon session it rose from 995 to 11110 levels in one stroke.From the morning on wards the stockastics was screaming in over bought zone,but still there were no sign of coming down when Sbi & Axis bank moved down about 20 points.As we wrote in our yesterday post the banknifty has strength to attain 11150 and almost it reached the level near to it.
The icici bank was bullish today and gone beyond 1000 levels.The nifty is sustained above 5500 level and the day low was 5504 and high was 535 level in 30 points it moved up and down and finding difficult to cross the 540 levels.but it is now not shown any weakness yet.
What we can expect from here?
We are expecting a reversal in banknifty or atleast it will not move fast like the way it was.It may trade in side ways and the profit booking will take place...may be on the coming weeks a fresh sell is expected..but the F&O closing is nearing the short covering may also be there.Now the time is to stay away...or do all your intraday trading with strict stoploss.
The positional trader can go short in 'Aug' future and if they can hold short for about 1-3 months can make better yield for their inestments.
World Market Update @10.20pm
The FTSE closed~~~ -1.73% down and the whole Europe is in red
The Dow and Nasdag is also trading in red -1.5%