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 card...one can avoid long or do it with proper SL.