Banknifty view for 25.08.2011

Yesterday, we wrote in our market preview avoid long and also told to short in banknifty near 9540 when it pull up and the target will be 9275.The market exactly done the same.The day high banknifty future touched 9567 and the days low happened to be exactly our target 9275.How is it.This is how we predict banknifty.There are many websites and T.V. recommended long in banknifty..but we are the one, who said not to go long.Here, we post the same what we wrote in our yesterdays post....

"The Nifty&BN the major trend is still down.the bn can bounce up sharply only above 9620 level..below it can go down to 9030 level on the coming days/week.The FII"S are selling and today they sold nearly 100cr where us the DII"s bought about 300 cr.That only the market shown some pull back. Avoid fresh positional longs the trend remain down except the small pull back.The banking stocks were beated continusly so be watch full of buying those stocks. The Banknifty is weak below 9434 one can consider short and it may get into panic sell mode if, fall below 9275 level.Now it can move up to 9540 level then it may fall again.Due to the F&O settlement on 25th the market showing volatility."

Now,Tomorrow the F&O closing so better trade in Sep month contract.The market is not bottomed and the Banknifty may fall further down to 9000 levels.The Nifty today broken the rising chennel..so below 4868 it can slide to 4785 level.

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