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Monday, October 25, 2010

Banknifty Now struck In Range Bound

The Banknifty today shown strength struck in 12640 level and was unable to move up and fell down and the running gap down was seen.The closing shown weakness and it is now struck in a range bound of 12400-600 level. The critical support lies in 12277 level a fall down to this level may weaken much more and a free fall may expected.The 550 level will enhance more side ways for 1/2 sessions and a firm direction will take place before this week end.

Today nifty was able to claim up but as it move's up the selling pressure was also seen and it came down to the previous friday closing levels. The SBI shown bullishesness and inspite of that the mother index shown weakness.The banknifty future trades still in '70+points' premium and this is not an ideal situation to go long, as it may any time turn -ive. Be watchfull about your longs or do it with SL.

After the COAL INDIA - ipo, We were expecting....the market direction will be clear. but, still there is no clear cut change in the market is still in Range bound and the market move is very much like a snail. Occassionally, uncertain jerk also seen as per the pulse of today. It is an indication of 'Flight' situation...

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