The Banknifty today done a opening punch at 10850 and traded in 10820 level then fell down to 10696 that was the days low and from there it slowly moved up and touched a new day's high 11010 and lastly traded in 10933.The pull back rally is nothing but an pre-budjet expeation that made the market to zoom up.The Nifty found hurdles in its upward move but firm and touched the days high of 5504.00.
We have done opening sell at 10820 and gave a target for buy at 10717 and it was achived in 15 mints time.We made very conservative trade and gained.
Now the Nifty has res at 5510 and the 5397 as act support.
What do we expect from market now?
The tomorrow our market is going to witness uge volatality as the prime minister is going to attend the JPC probe meeting at 10 am ...so after the news in media the market may swing either sides.
The Nifty and Banknifty continiously moved up the last 3 days and touched a peak.The Bn is about 1000 points up from friday's low so the positional/longs profit booking comes as it at little selling and also the fresh selling may be there as there are so many resistances the nifty has now in its up move.The Banknifty now find hurdle or may not cross the 11046 level and the downward move down to 688 will be add more selling pressure.So it may sustains in side ways in narrow range.