The Day witnessed an un-expected twist.
We have recived desperate calls from many traders who were caught in banknifty-longs without SL and seeking what to do!!Many traders who made huge loss today in the index/scrips.We really feel sorry for all of them..A situation like this need a technical expertise.Many traders who make money just by fluke!!- in stock markets are now struck.The banknifty days low to high difference was 512 points.Very eratic down fall which no one could predict.Imagine if one would have gone long without SL....really would have lost so much. Trading banknifty without knowing it depth is too risky.
So,at present the conservative traders must stay away.On the other hand the investors need to pump fresh money to buy good stocks at low price and sit tight to hold it for long term.
Today banknifty opening was good,a mild gap up @11559 and touched the days high of 11614.When some rumours spread among traders that the 'PM may resign and the FII's selling pressure is huge as the plan to exit from all holdings!!'. I too recived the same message from some one in my chat...I don't know exactly,whether due to this factor the market fell down sharply?.
Anyway in my pre-market view, we have cautioned the banknifty break down 11440 level may take the index down to 10980 level.Today banknifty touched the days low of 11102 (the spot low was 11043).We managed to do 3 trades in banknifty and gained 72+27+123 points respectively without any sl hit.We have done all trade with sl luckily none was hit.Now the time is not to trade without SL.The banknifty lastly traded@11200.20. The banknifty future still trade in 60+ points premium.The above EOD chart says it broke all supports and closed weak so the bull has remote chance now to succed.The banknifty had strong support in 11128 levels and that was broken so it may further slides down.A hope to bull now is, if banknifty move above 11580level .
The nifty witnessed huge selling pressure as many scrips were fell sharply and touched new year low.This may happen due to margin pressure.Now it has critical support at 5550 levels.We need to watch this level carefully if broken a deeper correction is on card.
Today the CORE Projects marked a day's high of 293 and traded well in 240 level inspite of this panic selling the core projects stood well.The market always tend to surprises/shock every one!!
