The banknifty today opened near 11880 level and went to 12,029 and market a all time high and fell down back to 11870 and closed near 950. Today the banknifty was in a range bound within 11870 to 95o but a lot of speculative swing trade was seen within this level...The eratic up and down move was really a thread for stop loss makers..That too in the morning session so many wild moves and afternoon it was some what subsidised and during the closing we have seen a shallow moves.
The up move is a shollow one or a reall one? ....now we have found out it is nothing but a technical rally and that may mildly reverse from 12,000 levels and we expect a side ways range bound trade for few sessions and may come down to 11300 shortly. Avoid fresh longs at this level. The nifty also finding hurdle in 5860 level but a gap up move may take it to 6000 level soon and minor correction may possible before going to any new high's.