Banknifty View for 4.4.2011

The nifty now easily cross the 6000 level if hold above 5700 level and Banknifty is turned to positional sell and weak below 11680 and strong only above 823 levels.One can avoid fresh longs and consider shot with sl.The BN has many gaps left unfilled and expected to fill soon.As the Finacial year end the market may be gone high to show good NAV/Results for many institutions/MF!!! So now time to anlyse and observe the market another week to predict further.

This above we wrote in yesterday post about our pre-market view.The Banknifty opened gap up from its previous closing 11763 to 11800 but it was seen trading in 11750 and rose to 11798 level.We sold it in the opening at 11795 with SL@816 and gave a buy target at 640.And the target was achived less than 15 mins time.About 155 points gain in opening call.We asked to book profit in 680 level to many bulk sellers who used sell above 20 lots.Again we sold in 680 and bought near 622 level.Today it is a kind of jackpot day for all our clients.The banknifty gave us so many solid moves to buy and sell frequently.The oepning and day high was at 11800 and it touched the days low of 11602.We are glad that we almost sold near the the days high and bought near the days low.All our today trade was fruitful.New subscription for banknifty intraday+positional open till april 15th only.One can join and enjoy daily profit.

The Nifty today was able to maintain its status quo, as it didn't fall much like BN.The day low is 5837 and high was 5884.70.So the Nifty may in the process of consolidation and may jump up again to 5920+ level.

In our view the banknifty is weak as the closing it was not seen any short covering as it lastly traded in 11689 and unable to go beyond 11700.We need to go short in BN if trade below 11743 level.Above it may go to 870 level.It may weken further down to 617 level to 440 level.We mentioned in our view y.day do not remain long.The same view is for tomorrow too.