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.
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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.
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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.
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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!!
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