Banknifty view for 31.05.2011

The banknifty nifty opened in gap up and the Bn was showing strength where us the nifty was moving down wards and the opening was the day high too for nifty.The Banknifty opened in 10678 and touched a day's high of 10739 and slide well down about 100 points from its peak.it also broke down day's low twice and the friday's closing that shows enormous weakness.In the end session it claimed up but was not able to go beyond 10724 level and fall back to 700 and lastly traded in 10702.

From the opening the market was showing a kind of choppiness we planned well our trade and only made 3 successful trades and made a net profit about 100 points in todays intraday in banknifty.

The nifty today shown good weakness and witnessed selling pressure and touched a days low of 5441 level.Te nifty was haveing multiple hurdles in 5520-45 levels.Beyond this level only we can confirm the rally is firm or the market remain in sideways and trade in narrow range.The banknifty get stronger above 10880 level.below it slide down and may fill the gaps left.So it can see going down upto 10450 levels easily.Observe the day's pulse and trade accordingly.All these previews may help you to trade.Remember the market is ultimate and we need to follow that rather then anything else.