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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.

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