Live Market

Monday, September 13, 2010

The Shocking Upmove...

The last thursday banknifty closed at 11388 and today it opened near 11470(Day low 440) and the trade was seen above 11520 and the SBI,ICICI,Axis and almost all banks shown a shocking high's and consistently shown strength and shot up to new high's. The Banknifty shown a day high of 11878 and the spot gone near 11900.The Sbi is nearly 150 points up.Icici bank neatly done its 1100 level. The today market surprised everone and i too happen to attend so many desperate calls from both the bulls &bears.The market up-move is a shallow rally or a choppy side ways ahead!!! .No one is authentic to say or predict this.Follow your own trading plan and trade as per your market not fall into the trap of some one else.
Today Market really shook every one head and we are not excluded.We tired our best to sell at every peak thinking that that was the maximum and kept a SL all were hits and the banknifty fooled till the closing and no symptoms of weakness untill its closing. The nifty was finding difficult to cross over 5740 level and finally crossed all it barriers and now try to move to 5850+ without much hurdle. The 'Ew' 3rd wave is in act per that it may move towards 6340 levels...The last few session there were not much weakness the market witnessed/indicated. The nifty fall below 5630 only can give hope for the bears...
The banknifty up move was really a thread to the bears. The bulls were also booked profits for their long so soon, as they were not expected this high nearly 400+ points in a single day. We gave a long call in Axis Bank and we asked our clients to book profit soon and once the profit was booked it went up by 20 points. The trend today was unexpected one and so much of speculation was seen. The Banks and the new policy around the world lifted the world markets and all are in green while writting this post.What are the causes for this unusual move is really unclear.if any one has got some grip kindly feel free to share with us.
The market will go to what levels is not sure and there were so many rumours that spread among the traders from both sides(Bears&Bulls) and the small trader really are really need to take care or avoid trading for few days.The SL if you place anywhere it is very certain the market will hit it...The market is in it eratic phase now.Thats why the nifty was struck in 100 points over few months was able to claim up 100+ points in intraday..The Rally or Correction time the market used to be very ferocious like an reall bull or bear.


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