Banknifty View for 18.04.2011

On Monday the banknifty will go down if open down to 11792 level.Above 840 one can go long.The 11500 level it didnt stay longer time so it may come down and again consolidate some more time.The Nifty above 5940 will confirm rally.below it may show sideways trend for a weeks time.

The Banknifty today opened in gap down and went to the days low of 11553 as we satated in our friday post preview of market today.Today from the opening we starded selling in 11775 level and kept our sl at 804.fter we sold it came down to 750 but we didn't covered as we gave a target buy for our client at 11717.But in no time it triggered our sl at 804 and went to 845 in running gaps.We also fresh sold in 840 to 920 level and asked our clients to place buy at 717.Inspite of the bullisness we were aware the rally is shallow as we follow closely the pulse of the banknifty.many clients were little agitated as it gone to 11941 days high level we again insisted them to sell if margin available...From 11940 in no time the Banknifty fell down to 11690 and our target 11717 was achived.Many clients made 200 +points in one sell,one buy.Afterwards we kept away as the market shown panic selling and fell doen to 553 level.One need to be diligent in trading banknifty as the logic mind many time fails.Only the market analyst can sense the pulse.

Now The banknifty may take support in 540 level and try to cross 11640 level if move beyond it,it may turn little bullish upto 770 level or the market remain weak and sideways.The nifty made a day high of 5920 and the day low was 5727.Almost 200 points down in a single day.The Bn was about 400 points down from its day high.The banknifty was lastly traded in 11593 and was not able to cross 11600 for more then 30 mins.As we noticed there were not much fresh buying seen today yet tomorrow it may open gap up and slide down.

One can consider long in banknifty if move above 11770 level or go short with proper SL near 11805.