Banknifty View For 4.02.2011

The tomorrow we expect a bounce up in both Banknifty and Nifty.The Nifty weekly MA rised and its having lot of chances to go beyond 5530 level once sustain above 540 it may consolidate and sharp move in the upside can be expected.The Banknifty was very weak below 10470 today it touched low of 452 that caused due to the exhaustive gap down so we need to observe it tomorrow weather banknifty sustain above 10540 or not.It will act bullish now above 10680 level or slide down to 388 level.The other chance is it crawls in sideways/become choppy.

This we wrote in our yesterday post about today market.As expected the nifty bounced up and touched a days high of 5545.90 and Lastly traded in 5538.00.

The Banknifty also gone up to 10745 level from its opening 10533.The day low was 10440 and during market closing it jumped up from 690 to 720 levels many time and finally traded in 10700.We made many intraday attempts and th net gain was almost nil as few sl were triggered.

In our View The banknifty now strong above 10770 and it has to sustain well above this level then there may be a rise up to 10840/60 level.It also find good support in 490 level so it may swing/crawl side ways between this level.If Nifty bounces above 5555 level it can jump up another 100 points to 5630/40 level.In this case the banknifty may go near 10900 level.We expect a side ways move in banknifty on the coming sessions.