Live Market

Tuesday, November 23, 2010

The Recovery was great!!

In- My yesterday post i wrote there may be a gap down opening tomorrow and today it opened in deep gap down and went up near 12300 level and in the mid-session due to the missile attack of korea's made panic among market players and a free fall seen .The banknifty day low was 11865 and in the after noon the recovery "u" Turn was very fast and strong and gone above 12250 level.The Nifty Was shown huge buying this may happened due to panic short covering..We were expecting it may breake the day high during closing but it trade well in 5955 but some how it missed to cross over the day high 5968!!!.
The F&O closing is in a short while within next 2 days,so more swing in market is on card . The nifty 6000 call option added more volume today that may be used as headging against the future shorts.
Tomorrow A opening above 5940 will make market to 6000+ levels and more panic buying may comes in.If,open down to 5867 more fresh selling comes in and that may push down nifty to 5780 level.
Banknifty, Now is in a preparation for one more upmove!!
if sustain and trade above 12290 level in another 3 to 5 session it may make it strong rally again Or it will move side ways.below 11750 it will be week.

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