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 sectors.it caused fear among the trader to go long.
