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Monday, July 11, 2011

Banknifty view for 12.07.2011

Today in the opening we sold bank nifty near 11290.The high was seen only in the opening at 11295.Once sold we gave a buy target at 11,177 and that was achieved and the bn gone below to the target and made a days low of 11121.We wrote in our Friday preview go short in banknifty if it open below 11392 level and the target we gave was 11177 and that was done.The nifty when touched 5760 level we wrote in our blog we skipped long though its sound technically bullish but our experience showed this rally may crack and that made us to short in nifty and today it is down almost 160 points that is the notional gain all our positional client's made as of today.

Today we also sold in nifty and bought and when nifty touched 5605 we gone long and exited near 621.We sold SBI fresh near 2470 and bought the same in 2436 level.

Today market almost moved one side that was DOWN. it didn't give us a 2nd chance technically for a buy and sell.So, the opening short that gave a profit of 100+ points after wards we kept away.

Today the surprise thing, we noticed is ,the Nifty exactly touched the days low of 5605 and that was a earlier resistance.The market was found very difficult to break away this hurdle.So this give a little hope may be the Nifty take support from this and claim back to 655 level and consolidate again.if Nifty fail this time in its claim up to the ladder it can face the worst below 5427 level.It may witness the true correction.

The Bank nifty now may slide down to 10980 level below this it can slide to the earlier start 10600 level.It can attract fresh buying above 11392 below it looks bearish only and may correct some more downwards towards 10,980 level.The US Market trading in red as of now.The market we expect open in gap down tomorrow.

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