Live Market

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.