Live Market

Monday, November 22, 2010

I s the correction Suspended!!!

In my yesterday post i wrote clearly dont remain in shorts and avoid shorts.As per our market pre-view the market today rose un-expectably and the afternoon recovery was amazed many day traders.Many people were struck in short and expecting the banknifty will fall further down to 12000 level where us it took support and shoot up to the new days high 12450 from the days low 12065 level about 400 points swing in intraday.

The Nifty Was shown great weakness last week as the selling pressure was huge due to the spectrum and other expected political instability traders expected huge fall/correction.Now the market gave a new twist...As i used to say market beat's every one.We have covered our shorts in friday near 12000level and were gone fresh longs which we exited today near12420 level.We also made about 150 points + in intraday trading.

Now the banknifty tomorrow may struck in side ways as the f&o closing is near by in 3 days.The EOD chart shows still weekness and a gap down opening may be there tomorrow.The nifty closed strong above 6000+ level now the 6100 act as a resistance a bounce up above this level will add more buying pressure.

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