Live Market

Monday, May 23, 2011

Banknifty View for 24.05.2011

The Banknifty friday gne up to 10744 level and left so many running gaps in between and closed at 10666 and today it opened in gap down at 10588.80 and no time it fell don to 10550 level.We gave a sell call at 10550 and many our clients could only sell at 10545 and we gave a narrow sl at 556 and target of 432.During 480 it stood longer time we covered fully and gained a profit of 65 points in the opening.

In 10380 level it stood sideways/standstill and we initiated long and near 390 we exited as the closing was very choppy and selling pressure was seen.The Banknifty gone to the peak of 10744 in friday and today at last during market closing it fell down to the days low of 10330.In 2 days it gave up nearly 400 points as the nifty broke down the critical support of 5393 and gone to the days low 5364.

The weakness of banknifty and Nifty is caused mainly by SBI and the global cue's.We belief the SBI may bounce up from 2220 level very soon and that may take up banknifty to 10600+ level.Overall the market sentiments among traders is negative.The Nifty move above 5460 level only can give the bulls some hope.

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