Banknifty view 21.04.2011

The Bank nifty moved up as we stated...in our yesterday preview like this below:-

The Nifty today was traded in side ways above 5700 level and seems stronger.The Bn also during the afternoon session was gone up and seen good consolidation.So in our view the Bn may try to jump up above 11700 level and there on it attract fresh buy and may move upto 11830 level.Now it is weak below 11604.One may go short with SL.This week the nifty may touch 6000 level may possible as per the tech view.

The Banknifty opened in gap up above 11700 and today it touched a day high of 860 level.The nifty also opened abobe 5800 and touched a days high of 5875.The trading today was mixed as the it gone up and came down and during the closing it went up and touched a day's peak 11860.

Tomorrow we expect profit booking in nifty and Bn and the day after tomorrow the market is holiday and hence no one prefer 3 days over night position.So the market may slide down to 11700 and nifty may come down to 5800 level or it may trade sideways.Avoid fresh longs.