The banknifty today was different and very eratic in its up and down moves.It gave so many chances for traders and also was not easy to predict the trend as it was a kind of twist almost from the opening to the closing.
We saw the Bn open in 11925 and gone long in opening around 910 but instantly we saw it was sliding and we double sold in 915 level and bought the same i 872 level.There it show strength and we gone long wit sl at 842 and certainly it fell down very fast and hit the sl.We acted very fast and gone fresh short in 840 and gave a target buy at 747 and during 790 we asked our clients to cover 50% short balance at target.The target was done and bn gone to the days low of 11728 level.From 840 to 747 is what we gained inspite of sl hits we made gain and we told our clients to stay away and stopped tips after wards.Also warned when it was trading 735 level do not go short dead cat bounce may be there.The same happened the BN too up to the 880 level at the end.
In our View the Banknifty was unable to stay firm even 5 mins in 11920 level.So any firm stay above this level can take it to 12030 level.It is weak below 812 level and very much weak below 602 level.If fall down to 780 do not remain in long.Trade with SL that save your capital.
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