There are news or rumours around every where among the traders that> 'The banknifty will go to 11,000 levels' . The traders of this index future were really stunned and was in dilema of not to short or even affraid of longs at 10450+ levels...The banknifty intraday volatility used be beyond 100 - 300 points. but due to/including the above factors the volatality was shrunken and many days the difference between the day low to high was within 70 points.
We have been continuously and consistently learning and discovering many hidden treasure of this index future by various means right from the volume statistics to advance chart anlysis.
It is worth and all our clients are now sharing the rewards with us.Recently we have 'discovered the Magical figure'. Today our magical figure was in '10492' and the market down to it sell and up to it buy...In the opening bell the market shown open punch in 10451 and actually traded near 480 and we sold banknifty at 10487 and kept this magical figure as SL...The today high was 10491.00 and our magical number was not hit...Soon after we sold,we placed a buy at 10346 but at the end 3.26 pm we covered our shorts near 10375.00.We made approx 120 points in one stroke and apart from this we have also done 3-intraday swing trade where we manged to gain another 80 points.
What a surprise in one point SL was not hit and we gained 120 points instead...The learning always pay rewards...That's what we have learned today.
What we can expect on 12.08.2010 ?
a) The banknifty today closed very weak and the global markets are also seems to be not in favour.The infosys,Reliance,Sbi,Axis are also weak and the nifty also failed to complete the rally above 5500 and closed today near to 5400...considering all these facts the tomorrow market may open in flat to marginal up and may move down from there on. if , banknifty go's down to 10340 level huge fresh selling may come in and push it further down to 10200 level.
b) The 'icici bank chart shows some bullish indication', and it can move beyond 1050 and SBi result is expected tomorrow. If both these scripts shows some strength tomorrow the banknifty again may go to 10420+ levels and if , able to sustain and move & close above 10460+ may add strength and take this index future further to 10550 level.
UP Date @ 11.45 pm
In continuation to the above.... now things are clear tomorrow our market open in gap down.The world market crashed.
FTSE - DOWN >131 point -2.44%
(DJI - Down >-2%
DJT & DJU are down more than -4%)* *Market not closed yet.
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