The market opened today above the friday closing and failed to sutain in 11030+ levels and the opening punch low was shown @ 10950.(Trading was not seen) The banknifty many time attempt's to break down the day's low, but was struck near the 10960 level and the SBI,Icici,Axis was shown weakness and the afternoon all these scripts rose and lifted banknifty to 11,100 levels.
The banknifty was weak about 4 hours and was down to the 400 ema and a certain uplift seen due to some news about the banks.The narrow or sideways trend may continue on the coming sessions.It will be strong if the Sbi move to 3000 levels in that case the banknifty may touch 11300 level and expected to halt and reverse from there to 10600 levels.The banknifty now weak if,it move down below 10866 levels and may turn positional sell.
Today we gave a free buy calls for our clients - 'Bank of India' and 'State bank of Travangore' and both the targets were achived 30,100 points respectively.
The nifty seems to caught in a cage of two walls between 10 to 40 points and was not yet strong to move beyond the 5600 levels. At this level on can go short with Sl@5552 . I also wish not to take fresh longs in these two index's. if so, sqaure within intraday and do all your trade with strict stoploss.