Banknifty View for 13.07.2011

"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."

This above we wrote in yesterday's post -The market preview of today..what we have foreseen same thing happened today the banknifty opened in gap down and touched the days low 10975.We stated it can fall down to 10980 level.How is it?

The banknifty jumped up after the news of IIP flashed in media.It went to the days high of 11170 and filled the opening gaps and fell back again down and broken the earlier days low 10995 to 975 level.Today to we made to attempts in Bn and made good gain in intra day.The Nifty we have positional short (made near the high 5750 level) and still holding positional short in both these index's

The Nifty below 5555 its very weak,so this support once broken the nifty fell down to the days low of 5502.The nifty failed to sustain above 5605 level and tomorrow it may move sideways again and may consolidate few more days.Below 5427 level major fall can occur.

When the market touched 5760 all Technical Analyst predicted the market will go to 5900+ level.We are the Only people who wrote,.... 'We skipped longs as we are not comfortable in remaining in long as the market looks to us it will fall.'

Now The market back to square one as per our prediction.