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Tuesday, July 5, 2011

Banknifty View for 6.7.2011

The Banknifty today opened in Flat as we were expecting a gap down.Hence we sold yesterday and was ready to cover STBT-Short in low but the Bn opened in flat at 11415...So we sold fresh in the opening and covered both shorts in 11352 level and when it jumped up during market closing, we re-sold the smae in 11470 and covered the same in 440 level.The BN today was in very choppy mode and almost 4 hours we made no trade and kept aside.When it crossed the 200DMA we waited to sell at the days high and sold in 470 and it touched the days high of 11480.When we saw the Nifty was in indecive mode and shown weakness and was unable to hold beyond 5665 level, we also sold nifty and kept our sl @668 that sl was not hit .So, we remain short in nifty.

From last wed' the market was not giving good chances for multiple intraday trades and it is now in a kind of suffocating phase as the bulls and bears are in tough fighting.

The nifty is not crossed the 200DMA ,where as the BN could jump up due to the SBI,bank of baroda and and other banks stocks.The FII"s are pouring money into our market that shows strength( We really not able to judge thier motive).But when we see the volumes, it is too low than usuall.On the other hand the Telangana MP's resingnation and other political scenario (Lokpal+Scams) seems a real thread to our market.So we skiped longs in index future.The IIP forcast/expectation also not going to favour the market.The DII'S sold about 880 crores today.

We need to observe market few more days to identify the firm direction.Till such time it is better to be a witness.

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