Live Market

Monday, September 6, 2010

Banknifty Poised For a Up Move?

The Banknifty future were traded in side ways last two days thursday&friday respectively.Today it opened mild gap up at 11005. We initiated fresh longs at 11012 and placed a sell immdiately at 11114.00 we were expecting the upmove will halt at 11188 but it was not it went up to 11240+ and during the closing came down to 11200 level.
We have cut short our longs near 11070 and we attmpt 4 sell near 11135level and covered the same at 11115 level without sl hit.During the closing we also sold near 11225 and covered the same in 11205 level.As far as the intraday is concerned we have done our part well and gained more than 80 points.We actually missed this intraday rally hence we bought at the days low but not sold at day's high considering our intraday comitments for our clients 50 points we booked the same after seeing the reasonable profits.
The Banknifty made a double top near 11145 level but it is invalid now as it claim up to 200+ level. Now it is poised for a up move around 11350 levels.The icici went to 1040+ levels and Axis Bank went to 1400+ levels.The Sbi also seems to be strong so all these may put the banknifty in a bull mode.The Hdfc Shown weakness today.We gave a buy call (Free Call) in Axis Bank and all our clients were made 20+ points in the future segments.
Now, What Do We Expect Tomorrow?
We have seen good consolidation today in banknifty and there were not much selling pressure due to profit booking also seen fresh buying so tomorrow it is again poised to move upto 11330 level and there it may halt and revrse.The icici bank now very strong and may further move up to 1100 and sbi to 3000 level.
Avoid fresh longs.

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