The banknifty and nifty on 16th rose to the hieghts during the market closing.We made a gain of 172 points in banknifty intraday trading.The banknifty fell down from the opening and agin sustained well.In the afternoon session it took up to the new day's high.This is due to the high tax out go.The SBI alone paid 1850 crores from its q3 -2009>1795 crores.The other banks the tax out gone up markably higher than the previous years.
HDFC Bank - 750 cr. from- 400cr.
ICICI - 450cr. from- 301cr.
HDFC - 400cr. from- 320cr.
The Rbi Repo rate is unchanged.The banknifty finding very good support in 11100 level again and again it bounces up.I wrote in my old post above 11470 banknifty is very strong.The monday market will decide the further trend as nifty closed near it resistance area (The day high was 5988), a jump up above 6015 may boost its speed to move to another high and it may find hurdle in 6100 level, above this it will be bullish zone. The new listed 'MOIL' is not upto the investors expectation.Huge selling pressure was seen in it..in monday there is a possibility of fresh buy comes in in this stock.It is a good company to hold for longterm beyond 3 years.
The banknifty may find difficult to cross the 11740 level.One can avoid long near this level.Once it cross the 11800 level it may act very bullish.In my view the banknifty may fall down from it 11600 level to 11400 level and trade side ways...if Nifty go beyond the 6020 level banknifty may move up aggersively.It is safe to trade always with proper SL.