Live Market

Friday, December 31, 2010

Dear Friends & Readers,
The Banknifty Future Monday view will be posted tomorrow evening....

Wish you all a bright and prosperous new year 2011.
I wish all of us must create wealth in stocks trading.
Let the market be in our favour.
Use all your
Efforts to achive
A new thing to the
New heights
From this new year-2011.


Thursday, December 30, 2010

Banknifty View for 31-12-2010

The banknifty opened mild gap up at 11680 and fell to 660 there on shoot up to 11739.95 was days high and the day made a low at 11632.35 in after noon trade .We have done very mild trade as the banknifty was struck quit long time in 11710 was almost directionless during that time.So we were waiting for a longer time to take a positions.
The Nifty has strong hurdle in 6100 level if move above 6112 the New rally may begin to touch new highs befor march 2011.One be alert full if remain in short in nifty above this level.
The Banknifty as we told in our earlier post find difficult to cross the 11770 level during closing it fell down near to 11640 about 100 points down from the days high.The lift up is happened due to the F&O closing..So the coming sessions the banknifty may struck in 11560-680 level.Once nifty cross above 6100 the banknifty also claim up to 700+levels.Today the banknifty spot broken down the 400EMA.So a down move also there if open gap down tomorrow.

Wednesday, December 29, 2010

Banknifty View for 30-12-2010

The Banknifty today was in fire.The opening we expected it may zoom and gone long in 11480 and kept our sl at 463 and it was hit and shoot upto 570.very unlucky today for us,it touched a high during market closing at 11640 level.
The nifty also moved up but the banknifty seems to be the backbone for nifty to float high.The banknifty was today in one directional move...though the selling was more still it could move up due to the huge roll over.
Now...The tomorrow is the F&O Closing and the rollover may bring unexpected jerks on both side.The Jna future now trading in about-60 points premium this shows as indication the short roll over is more.The 11 660-80 and 720 area is strong hurdle for its upmove above this level be alertfull.Trade mild with sl for both long/short.

Tuesday, December 28, 2010

Banknifty View for 29.12.2010

The banknifty yet another day crawled like a snail.The high made was 11510 and low was 11430..A very narrow range about 80 points.We attmpt 2 trades and made 70 points gain without sl hit.We does only very conservative trade today as the market tussle between bulls&bears.The F&o closing is very close by so the roll over and the year end profit booking made market in a kind of shallow moves.

So,Considering all these it may trade in sideways till f&o closing..but on thursday be watchfull as more roll over come it may act eratic.Our view now is the banknifty broke down the 11440 level and touched 11430 but the selling volume was too a chance to move again up to 11570 level.Above 11600 now it become strong bull weak below 440 with volume and trade in 15-mins or more brings panic selling that may push it down to 11280 level.

The Nifty seems powerless and give no firm direction on either sides.its locked itself by hedgers heavily.

Monday, December 27, 2010

Banknifty View for 28-12-2010

The Banknifty Move today was like a snail crawling.We made gain in banknifty intraday about 70 points+ 40 points in intraday trading.The Banknifty held in sideways move the high made today was 11570 and low was 11450.The 11440 seems now a kind of support breaking down may lead to 11330/280 levels.On the upside it has strong hurdle in 11660 level, so it may swing sideways between 440 to 660 on the coming session

The nifty may weak below 5975 level.Today the nifty shown weakness and fell down to the 6020 level if tomorrow move above 6060 only confirm a firm trend reversal.The FII's buying seems to continue and may pumb another 5 billion dollars into our market.So the value buying is on the rise that may lift market once again.

Friday, December 24, 2010

Rs 5 lakh crore Corpus Investment in Stock Markets

Rs. 5 lakhs crore Corpus Investment in Stock Markets:-
This News triggered Sharp unexpecd bounce up Today.
The finance ministry has shot off a fresh missive to the labour ministry asking it to invest a part of the Rs 5 lakhs crore corpus of the employees’ provident fund savings in stock markets. This is a good symptoms for longtime investors.
We will post banknifty view on sunday night.

Thursday, December 23, 2010

Banknifty Pre-Market View

In our view the Nifty may sustain side ways as many wise people done so much hedgeing.if tomorrow move above 6030 level then the bulls take full control overl all index's.The banknifty may find down support at 11330 and trade up to 560 level.Above 11660 it will be strong up move upto 11720 level.
>>The above one we wrote yesterday about todays market..just check the banknifty made a high of 569 and fell down to 440 level.The day was very narrow and snail move...very much sideways and choppy.We could make a net gain of 70 points today as we made a very conservative trades.

In our view the Banknifty&Nifty may fall from the current levels slightly.The banknifty may find support at 11260 level and Nifty may come close to 5927 level and may trade in sideways.

The Inflation and the rise of Fuel & Essential commodities prices are worriying facts Now.The RBI governor himself is concerned that the inflation is not within control as the food grains & veg prices are shoot up contininually.

Wednesday, December 22, 2010

Banknifty&Nifty View for 23.12.2010

[ The Nifty touched the days high of 6019 and in 1 point it missed and lastly traded in 6014.90.It would have crossed this level today but failed in it,this may showing as tomorrow the nifty may weak or gap down opening. As the headging players are huge the Nifty faces hurdles on both sides.The market now in a kind of Transition Phase from bears to bulls.
Banknifty Now in its bulls run and may go near 11700 level if sustained well near 11680 about 1 hour or more it may move up to 11800 level.]
This above, we wrote in our yesterdays post about market performance became almost close to our views.

The banknifty opened today near 11600 level we bought and placed sell at 679 and when it struck in 650 level we booked profit in 648..but it went to the days high of 11679.80.There on it fell slowly down to 11600 level where we sold and bought in 517..made 4 trades and 1-sl got triggered.overall we made around 70 points gain.

Today the market moved like a SNAIL as this caused the tuzzule between Bulls Vs Bears.The nifty came down to 5970 level and banknifty down to 450 level.

In our view the Nifty may sustain side ways as many wise people done so much hedgeing.if tomorrow move above 6030 level then the bulls take full control overl all index's.The banknifty may find down support at 11330 and trade up to 560 level.Above 11660 it will be strong up move upto 11720 level.

Tuesday, December 21, 2010

Banknifty View for 22.12.10

In our view the banknifty may open in gap up and try to rush up to hit the 11480 level..
This is what we wrote in yesterday's post about today market.That became true.That was happened today from the opening 11329 level it rose to 11480 in no time and sustained a while again good consolidation seen then took up to 11600 levels.

Today we missed a golden chance as we took long in the opening itslef and booked profits so soon...but the market touched the high of 11613 level and lastly traded in 11574.Our attempts of short in 570 level gave us little gain twice but at last we went short and covered it at marginal loss.We told it find difficult the cross 11480 level, but today banknifty shoot up as the nifty was witnessed huge buying.
In our view the Nifty will be very bullish beyond 6020 level..The Nifty touched the days high of 6019 and in 1 point it missed and lastly traded in 6014.90.It would have crossed this level today but failed in it,this may showing as tomorrow the nifty may weak or gap down opening. As the headging players are huge the Nifty faces hurdles on both sides.The market now in a kind of Transition Phase from bears to bulls.

Banknifty Now in its bulls run and may go near 11700 level if sustained well near 11680 about 1 hour or more it may move up to 11800 level.

Monday, December 20, 2010

Banknifty view for 21-12-2010

The banknifty may find difficult to cross the 11740 level.One can avoid long near this level.Once it cross the 11800 level it may act very bullish.In my view the banknifty may fall down from it 11600 level to 11400 level and trade side ways...if Nifty go beyond the 6020 level banknifty may move up aggersively...>> This is what i wrote in my friday's post.The banknifty opened today gap down in 11400 and fell down 11274 level and again bounced up and crossed the day high 400 to 11444 and fell down to new days low to 11260 and that was the days low cum last traded price.
We made about 147 point gain in intraday banknifty trading.In our view the banknifty may open in gap up and try to rush up to hit the 11480 level..if fails to move above this level again it may fail the bulls hope and fall down upto 11160 level.Now this 11170 area seems a critical support and broken by any means will add panic selling.
Today Nifty opened in gap down at 5900 and able to touch a days high of 5999.That shows the bulls are ready on the shore to catch the fish.Be watch full in 6020 level market may zoom up..Avoid shorts when cross this level.

Thursday, December 16, 2010


The banknifty and nifty on 16th rose to the hieghts during the market closing.We made a gain of 172 points in banknifty intraday trading.The banknifty fell down from the opening and agin sustained well.In the afternoon session it took up to the new day's high.This is due to the high tax out go.The SBI alone paid 1850 crores from its q3 -2009>1795 crores.The other banks the tax out gone up markably higher than the previous years.

HDFC Bank - 750 cr. from- 400cr.
ICICI - 450cr. from- 301cr.
HDFC - 400cr. from- 320cr.

The Rbi Repo rate is unchanged.The banknifty finding very good support in 11100 level again and again it bounces up.I wrote in my old post above 11470 banknifty is very strong.The monday market will decide the further trend as nifty closed near it resistance area (The day high was 5988), a jump up above 6015 may boost its speed to move to another high and it may find hurdle in 6100 level, above this it will be bullish zone. The new listed 'MOIL' is not upto the investors expectation.Huge selling pressure was seen in monday there is a possibility of fresh buy comes in in this stock.It is a good company to hold for longterm beyond 3 years.

The banknifty may find difficult to cross the 11740 level.One can avoid long near this level.Once it cross the 11800 level it may act very bullish.In my view the banknifty may fall down from it 11600 level to 11400 level and trade side ways...if Nifty go beyond the 6020 level banknifty may move up aggersively.It is safe to trade always with proper SL.

Tuesday, December 14, 2010

View For !5-12-2010

The Banknifty floated well in 11600 level.Though it touched the days low 11470 and again touched days new high of 11675 and lastly traded in 11574.

The Banknifty now strong above 11640 level one should not remain short if move ahead of this level and will be weak below 11470 level.Last 3 days the banknifty sustaining well in 11400-600 level and it seems its ready to explode to 11800 again.

The Nifty now struck in range bound and unable to move fast above its resistance area i.e. 5990-6015.if Move above this level it may lead all the index's to further hights and the present correction will be suspended.

Where is the Indian stock market headed?

Mehrab Irani
The Indian market is undergoing a secondary correction, after which it will be headed much higher

The markets have been correcting over the past few weeks and lot of traders and investors are asking themselves the question whether the bull market is over or if it is just a temporary pause and correction in the overall bull market. The Nifty made an "intermediate top" at 6,339 which was very close to its all-time high of 6,357 touched in January 2008. From there it corrected to 5,690, then bounced back from those levels to 6,080 levels and fell to below 5,800. Today it closed above 5900. What next?

Well, we are working with the assumption that while Nifty has resistance around 6,357 which is its all-time high and the index can fall all the way to 5,350, a new journey for the market has begun a few months ago which will take it to much higher levels over the next few years-a target of 30,000 to 50,000 on the Sensex over the next three to seven years is imaginable and achievable. The market has chosen to correct first before the upmove after hitting 6,330 in early November. This is a "secondary correction of the primary bull market" which generally takes off anywhere between 33% and 66% of the previous primary upmove.

The Nifty has formed certain bearish formations like "three black crows", of which first is a "bearish engulfing pattern" and "dark cloud cover" on the weekly charts, "evening star" on the long term monthly charts, in the process of forming a "high wave candle" on the long-term quarterly charts, "black turnaround line" on the weekly three-line break charts, conversion from yang (thick bullish) to yin (thin bearish) line on the weekly 4% kagi charts, breakdown of price oscillators (RSI, ROC, MACD, KST, DI, Stochastics), fall of the 50-day MA, and so on.

The secondary correction will have a first target of 5,650 on the Nifty (18,800 on Sensex) which is a reasonable support (falling window). That is the level when the Sensex had hit the lower circuit in January 2008 and which was the beginning of the previous bear market. Without going into detail, looking at the chart patterns, candle sticks, neo-classical wave, time series analysis, retracements, trendlines, MAs, oscillators, etc, if the 5,650 level does not hold then the next support is at 5,350 and the final support-as it could go down further-is 5,050 (17,200). If for whatever reason the level of 5,050 is not held on the Nifty, which I personally don't believe will happen, then we have to question the validity of our assumption of it being a "secondary correction" of the primary bear market. At every major support level, that is 5,650, 5,350 and finally 5,050 we have to look at "bottom formation" patterns on the charts. However, once this secondary correction is over, the primary bull market will resume, which will have a first target of 7,000 (23,500) over the next medium-term.

The breadth has been very negative last week and lots of mid- and small-cap stocks have been butchered. The BSE Mid-cap index was trading at around 7,260, a level when the Sensex was at 15,600. It has major support around 6,300. Similarly, the BSE Small-cap was trading at 8,745 last week, which corresponds to the Sensex trading at 15,400. The BSE Small-cap index has major support around 8,000. The only positive thing in all the recent carnage is that the mid- and small-caps have corrected too sharp and fast, which is what happens during "secondary corrections" of primary bull markets. Now, the large-caps might correct somewhat over the next few days/weeks and then an "intermediate bottom" might be formed in the Nifty at close to the levels stated above.

To understand the current price movements more clearly, let us look at the 20-year chart of the Sensex. The Sensex was at around 690 in February 1990, from where a bull market began and it topped out at 4,650 in March 1992 (when the Harshad Mehta securities scam broke). Then it touched a bottom at 2,000 in March 1993 which was a bear market bottom. However, this was not the commencement of a new bull market. It then made another top at 4,615 in August 1994 and a cyclical bottom at 2,700 in December 1996. The real bear market bottom was made in October 1998 at 2,785. The new bull market which began there, took the Sensex to 6,175 in February 2000 where it topped out with the 'technology bubble'.

The Sensex crashed to 2,600 by September 2001 which was a cyclical bottom. The real bear market bottom was then made in August 2003 at nearly 2,900 from where the new bull market took it to 21,206 in January 2008. Kindly note, the four corrections in the interim, that is April 2004 (the Congress party victory in the Lok Sabha polls and formation of government with the support of the Left), October 2005 (small-caps bubble), April 2006 (mid-caps correction), and August 2007 (first news of sub-prime) were all secondary corrections within the primary bull market.

After making the bull market top in January 2008, it entered a corrective phase and made a cyclical bottom at 7,697 in October 2008 and the real bear market bottom at 8,050 in March 2009. From there on the new bull market commenced which made an intermediate top at 21,108 in November 2010. Currently, we are going through a secondary bull market correction which is likely to make a bottom somewhere between 18,800 and 17,200. And once the secondary correction bottom is in place, we will have a first target of 23,500 and then the longer-term target of anywhere between 30,000 and 50,000 over the next three to seven years.

Fundamentally, most of the factors remain long-term positive with the P/E at 15.2x FY2012 estimated earnings, which is at 9% premium to the long-term 10-year average, but below the peak bubble P/E of around 25x in January 2000 or January 2008. P/BV is 2.8x FY2012E which is at 15% premium to the long-term 10-year average, but ROE at 17.8% is lower than LTA of 18.7%. Market cap/GDP at 1.1x is not cheap, but below the peak of 1.8x in January 2008 and the earnings yield of the Sensex is 6.6% compared to an 8.1% bond yield (10-year GSec) and the earnings yield/bond yield is 0.81x as compared to the long-term 15-year average of 0.88x.

However, the major negative remains the high short-term interest rates. The yield curve from being steep a few months back has now in fact become inverted. Having said this, the positive factor is that the long-term (10-year GSec) yields have been in the range of 7.5% to 8.1% when short-term rates increased by almost 600 bps from 3% to 9% over the past few months. Hence, the short-term interest rates have risen too much, too fast. These kinds of rates are certainly not sustainable and they would come down. The peaking of interest rates might correspond with the end of the "secondary correction" in equities. Each asset class performs differently during different phases of the economic cycle. The general rule for different stages of an economic cycle and the preferred asset class during each stage is described below.
  • Interest rates peak and bond prices bottom out-preferred asset class GSecs.
  • Demand for credit declines-preferred asset class GSecs.
  • Central bank increases money supply-preferred asset class GSecs and corporate bonds.
  • Equities bottom out-preferred asset class equities.
  • Commodities bottom out-preferred asset class cyclical and commodity stocks/commodities.

Currently, we are in the stage where over the next few weeks/months interest rates are likely to peak out, bond prices should bottom out, demand for credit might decline at higher interest rates, The central bank will increase money supply and liquidity, which it is already doing daily through repos, and equities will bottom out. (That is, the secondary correction in equities which we are seeing currently will end.)

To conclude, a good strategy might be to shift funds from short-term money market instruments to long-term gilts/bonds or lock into long-term rates and keep funds ready to buy in the "secondary equity market correction" so as to benefit when the interest rates peak out and start coming down and equities resume their primary uptrend.

(Mehrab Irani is general manager, investments, with Tata Investment Corporation Limited. He has over a decade of experience in investment research, portfolio management and investment banking. The views expressed in the article are his own.)


Friday, December 10, 2010

View For 11.12.2010

Today banknifty opened in gap down about 100 points and sustained well and shoot up to 11240 level from its opening11099.There on the Nifty shown strength and moved up...along with it,the Banknifty also start moving up..That too during its closing it rose to 11545 that was the day high and lastly traded in 11532.The days low was 11041. Almost 500 points up from the days low.Great recovery and some how the 11,000 level not broken.We consider,Still it is weak as it has to trade above 11580 to go to the bulls zone.

We have made good gain today in Banknifty.We attempt 7 trades and succeeded in 6 the profits made was 54+42+34+88+32+67-24(1-Sl hit) points.

The nifty took good support at 5830 level, today many times it came down near that level and gone to the days high of 5888. Lastly traded in 5874. That seems nifty can have better chances to shoot up.But,now moving above 5980 is only can be considered a positional long....till the time it may sustain side ways.Nifty may show weakness any moment as the 3-rd wave in place the nifty may fall down to 5525 level and bounce up.

The banknifty if open above 11580 there is a possibility of bulls run up to the 11900 level. if open gap down below 11420 there will be huge selling pressure on can avoid long or do it with proper SL.

Thursday, December 9, 2010

View for 10-12-2010

The Day witnessed an un-expected twist.
We have recived desperate calls from many traders who were caught in banknifty-longs without SL and seeking what to do!!Many traders who made huge loss today in the index/scrips.We really feel sorry for all of them..A situation like this need a technical expertise.Many traders who make money just by fluke!!- in stock markets are now struck.The banknifty days low to high difference was 512 points.Very eratic down fall which no one could predict.Imagine if one would have gone long without SL....really would have lost so much. Trading banknifty without knowing it depth is too risky.
So,at present the conservative traders must stay away.On the other hand the investors need to pump fresh money to buy good stocks at low price and sit tight to hold it for long term.

Today banknifty opening was good,a mild gap up @11559 and touched the days high of 11614.When some rumours spread among traders that the 'PM may resign and the FII's selling pressure is huge as the plan to exit from all holdings!!'. I too recived the same message from some one in my chat...I don't know exactly,whether due to this factor the market fell down sharply?.

Anyway in my pre-market view, we have cautioned the banknifty break down 11440 level may take the index down to 10980 level.Today banknifty touched the days low of 11102 (the spot low was 11043).We managed to do 3 trades in banknifty and gained 72+27+123 points respectively without any sl hit.We have done all trade with sl luckily none was hit.Now the time is not to trade without SL.The banknifty lastly traded@11200.20. The banknifty future still trade in 60+ points premium.The above EOD chart says it broke all supports and closed weak so the bull has remote chance now to succed.The banknifty had strong support in 11128 levels and that was broken so it may further slides down.A hope to bull now is, if banknifty move above 11580level .

The nifty witnessed huge selling pressure as many scrips were fell sharply and touched new year low.This may happen due to margin pressure.Now it has critical support at 5550 levels.We need to watch this level carefully if broken a deeper correction is on card.

Today the CORE Projects marked a day's high of 293 and traded well in 240 level inspite of this panic selling the core projects stood well.The market always tend to surprises/shock every one!!

Wednesday, December 8, 2010

BANKNIFTY pre-market view for 9-12-2010

The Banknifty today opened very weak down opening at 11735 and that was also the days high but this level it did'n't stand just fell down from the opening we went short.Today we made 145 points in three trade without any sl hit all our targets were achived in 5-10 mins time.A day was fruitfull,in the sense we gained without much strain as we could predict the level and went short/long accordingly.

The banknifty now took support in 11440 level.Today the days low was 11455.if 11440 break down tomorrow we have minor support at 41o both these levels broken it may free fall to 10900 levels soon.On the other hand considering todays closing ,the last traded price was 11514 so if open in gap up above 11580 may take it to 11700 levels.

The Nifty some what struck in range and a jump up also possible from the current level as the past 5 days it seems in a consolidation mode.

Many mid-caps stocks are available at new lows....This happening due to the Margin pressure of many financial institution and the fear of correction among traders made to sell and the selling pressure is heavy many fell down already.The real investors need to buy good value stocks which is now undervalued.Its a boon time for investors..As every other people sell out of fear we can buy it for longterm.

Tuesday, December 7, 2010

Banknifty Pre-market view for 8-12-2010

The banknifty opened today in Gap Down about 74 points from yeserday's closing price.The opening was 12020 and we sold it and covered it with about 70 points gain.There on it shown more weakness in 11880 level and fell down to 740 and we bought in 768 and sold in 11820.Agin we sold in 828 level with sl@847...luckily the sl was not triggered we covered the short in 764.All our three attempts were gave a total 180 point approx. We also covered our positional short in 11710 level,which we sold the other day in 12494 level.Considering the Nifty levels which seems to be in a range bound/consolidation to move up.As expected the nifty touched a new day high during its closing from its day low 5956 to 6021.70 level.The banknifty lastly traded in 11805.

The banknifty we forseen and wrote in our yesterdays post will be weak below 12000 and may touch 11780.It also broken that level and touched a day's low 11689 and closing was above 780 level. Now the situation is the 'CAT on the wall'.So there is a possibility of going beyond 12000 level and sustain there for another few sessions .Now the Nifty may jump up...!! if jump above 6o93 level,it may add fresh buying.We need to observe tomorrow first two hours to confim this up move.One can take position afterwards.

Many mid-cap stocks are now trading at low...there is a chance for good buying for longterm investors.every fall is a boon for investors.

Monday, December 6, 2010


Today banknifty opened firm in 12465 and touched the days high of 12479 and sustained side ways more than hours and now weakness was seen as nifty showed upmove.The nifty opened today gap up 6035 and moved up and touched a day high of 6094. In our view the 6093 was a hurdle for the upmove/pull back rally.It was struck there and slowly fell down day low of 5988.

The banknifty start falling faster than nifty and touched the days low of 12046 and lastly traded in 12061.The banknifty now took support in 12000 level if tomorrow it breaks this it may fall down to 11790 level.The Nifty now weak below 5960 level.Last week nifty and banknifty shown up move day by day and today happen to be the first day of the week it shown weakness and closed weak.The banknifty expected to be trade in side ways on the coming sessions...if nifty gather strength and move above 6100 will confirm a rally. The nifty seems in consolidation mode all these days so it may explode.On the other hand banknifty shown kind of maturity in 12400 as this level attarct positional selling the buying was low.So when the supply was more and demand is less it fall down...thats what happening. Apart from this the recent 'Housing scam' made a uncertainity in Bankning &Financial caused fear among the trader to go long.

Thursday, December 2, 2010

Will It touch 12700 level?

The banknifty last 3 days gave a un-usual twist to reach the pinnacle.The trend is seems to be up&up. Today it touched high 12587. The Gap up opening from its previous closing 1358 to 12460...What a jump up!! Soon after its opening it shoot up to 12500 level and came down in the mid-session 12411 that was the day's low. Afterwards it consistently rose to 12500 and lastly traded 12539.The closing was very strong.
The Nifty today was stuck in a narrow cage about 40 points and sustained well in 6020 level.Almost traded the whole day side ways. The Market is now in the hands of bulls.The bear was beaten enough. Considering the last few sessions performance the banknifty possibly can touch 12700 level. Now it may weaken or attract more selling pressure, if fall down to 12420 level. In my perception it may touch 12280 and bounce up/sustain side ways.
Now avoid fresh shorts in Nifty...if move down to 5940 level one can go short with a S&R@6010 or wait for few more sessions to observe the direction to take any positional short/longs.
The 'MOIL' -IPO over subscribed that may pump fresh money into the market. Now The recent past many IPO's witnessed huge returns(Eg-COAL India Ltd) for the real investor's. So, the market and its 'corrective phase' is suspended for the time being!!

Wednesday, December 1, 2010

Will Banknifty gos further high!!!

We Expected a 'flat opening today ' and it did so.. but, our prediction went wrong as we expected a sideways trend.Markets beats every one. The banknifty and nifty shown a 'Up Trend' throught the day no sign of falling down /swings it move up and up consistently.The banknifty opened in 12000 and touched a day high of 12395.During the opening it came down to 11990 and that was todays low.The last trade was in 12358 a strong closing that stir the mind of bears...The last few days right from 11400 level we were cautioning the banknifty will touch 12200 in few sessions but it exceeds our expectation almost touched 12400 level nearly 1000 points from 11400 level.Many traders were in short expecting a deeper correction in market and negates advise to - many go short.We have been cautioning not to do so...hoping that saved many people money.

The nifty crossed the 5940 level now going beyond 6020 will attract fresh buying..So do not remain in shorts in nifty if , sustain above 5940 levels tomorrow. The banknifty now will find hurdle in 12450 level a cross over this lead to 12700 level if not move fast above this 12450 level it may fall down to 12240 level. Now not the time to go fresh long restrict all your trade in intraday that will be better.

Many stocks today 'upper freezed' due to the possitive note of GDP growth and the food inflation.That too realty stocks zoomed like core projects(touched 270 level),vijayashanti and many such scrips...inspite of the recent housing loan scams!!!.The SBi and Allahabad banks and others seems pull back.The ioc shown good recovery due to the fpo..Will this upmove will continue further!! if so, how long!All these anlysis is nothing but waste of time the less you apply your logic mind the more you will understand about the real market and its pulse to sail smooth.