Live Market

Monday, August 30, 2010

We have done fairly well in Banknifty intraday as desired

We wrote in our friday post that the monday banknifty will open in gap up.It just did the same. We made aprox. 160+ points gain in banknifty today.The friday we covered all our positional shorts in 10710 and made ourself comfortable and enjoyed our week ends without any stress.
Today opening itself we sold banknifty near 10870 level and placed a buy order at 10694 and in between we made a trade, where ever the market showed low we covered and sold again in high's wise we made 3 trades and without any sl hit we made 160 + points profits(*few clients made 200points), probably we are the one who sold at the days high and bought at the days low.
We also gave SBI sell call for our clients(it is free call) at 2830 and covered the same at 2790.The icici,Axis banks also shown weakness.
The banknifty day high was 10881 and days low was 10675.It is taking good support level near 10700 and the next critical support is in 10660.During the closing the BN took up charge and rose to 10790 level.The banknifty is marked a low price's in fay today after it went up to 11100 levels , that is an indication of weakness.The earlier false breakdown was not seen now.
The nifty now find it base in 5355 levels any up move above 5470 only can change the trend.The infosys,reliance,icici and airtel all are in sell mode so the nifty correction will continue further.
Caution: Avoid fresh longs or do it with trict stoploss
What we can expect in Tomorrow?
The banknifty moved near to 10800 level at the end..Now the 'cat can jump to any side'..Tonight we have to watch out the global cue's , as of now it is in 'Green Trend' if this turn to red the banknifty slide further(gap down) or open in gap up and trade in side ways...A move above 10940 and sustaining this level about an hour may bring fresh buying and it may touch 10,030level.
Caution:- Avoid fresh longs or Do it with strict stoploss

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