As we expected and posted in our yesterday post today banknifty shown great volatality.It is yet another jackpot day for all our clients.In the market opening itself we sold at 12760 and placed buy at 636 and that happen to be exactly the days low...but we have covered all short in 644 itself. We have made three attempts without any SL and made a huge gain.We also alerted all our clients over phone short bulk as much as one can and there were few clients sold 100 lots and profited 116 points in one stroke.Around 3 pm we sold again in 722 and placed buy at 667 and made 55points..over all a 200 points gain (The banknifty low was 12636 and high was 767-Difference from low to high 131 points...where as we made 200 points by swing trade)
What one can expect now?
The Banknifty is in the process of Finding it ways out now..A transition phase and we do not know which side it will move!!! upside or down side..!!
Now it will trade in a 150 points narrow zone with more swing as per the present EW properties. The 12600 range seems to be an ideal level for good volatality. A fall below 12450 may bring it down or a 3 to 4 days consolidation may take it to 13200+ levels.The nifty today shown weakness and during market closing it shoot up and sustained above 6200 level, that is again a worrisome fact for the bears.The nifty life time high is 6346 another 100+ points away if break out this level a major pull up rally may possible.There are news around nifty will go to 7200 level.I wish be a wise trader and follow your own plan of trading and ignore all rumours...just be with the market pulse and get along with it.
Caution: The word of caution from our side is trade- 'only in intraday for some time with SL' . Avoid fresh longs in both Nifty&Banknifty.