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Monday, August 8, 2011

Banknifty view for 9.8.2011


The US debt crisis made fear among the global markets and that too when the USA lost its status Quo since 1917 the 'AAA+' has became 'AAA' after the friday US market closing...That gave a negative impact among the global investors and traders...And today the whole of Asian market opened in deep down The Indian market too opened in gap down.The Nifty opened in 5149 from the Friday closing 208 but it was traded near 5100 during opening and in the Mid-session it shoot up and made a days high of 5208...But instantly gave up all the gain in short while and fell back to 5110 level.So the attempt of bulls failed The Nifty closed weak.

We wrote in our yesterday post...

The Nifty we expect to take support in 5048 level and may bounce steeply to 5400 levels..as the upside gap is unfilled..But we also remember, there is a huge gap on the down side left unfilled , during when the congress won the election....So ,one can keep this SAR@5048 and go long..if SAR triggered/breakdown the down side also you may gain..So the idea is to have an open mind for both possibilities ,We can gain.Don't risk your trade without stoploss now.

Many readers and clients followed our plan and made 150+ points in Nifty intraday.As the 5048 level we mentioned as SAR was not triggered.The nifty made a days low very close to this SAR.The days low was just ten points away from our SAR-.i.e 5057.

The BN opend in 10100 level made a days low of 10075 and rose to the days high about400 points + as it touched the high in intraday itself 10494 and gave up all the gain and fell down to 10200 levels.

The Market now seems in the panic mode so the intraday recovery also failed and seems a phony..The comming sessions we need to observe than only the follow up action can be made.Any prediction may futile now.The best thing one can do is trade with SL.

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