Banknifty View for 23.9.2011

The Last 3 days the indian market was moving up without much solid reasons and it was trading in a range and almost the direction was not visible/not predictable.We have seen a peculiar chart formation and start selling on every peak and the market dose'nt give any chance to cover our short in Banknifty and Nifty.We also recived many desperate calls from many non clients and many people were in short and held tight..We gave them advise to hold short/ sell again in high to rise the sell avg...and after the announcement of FOMC meet yesterday the Global market started bleeding in red.

The Nifty was many time failed to cross the 5170-200 band and fell sharply from there.This time also it proved the same.After seeing the Global cues the asian market and SGX nifty was trading in -104 during pre-market session.Our market opened in weak the Nifty made in 5010 punch and shown high was 5061.95 but we could see only the 5054 level only when it was trading. from there on it was unable to cross that level and fell slowly&then sharply in the after noon session and made a days low of 4986 level.The banknifty made a day high 9774 and fell down to days low 9465 and lastly traded in 9500 level.

We sold Nifty in 5160 level yesterday and almost 75% short we covered in 4908 level..Rest we hold..if market open up we sell on rise .The banknifty we sold yesterday in 10954 level and covered the same in 9580 level 25% rest we hold for 9260 level.

Now the market is open for bears attack more..So exit longs or short on every rally seems to be idle.

Banknifty View for 20.9.2011

The market today was caged in a narrow walls.It was very choppy day.The nifty was caught in 5017 to 5063 and banknifty was in 9526 to 9655.The nifty was most of the times traded in between 5025-45 level and BN was trading in 9560 to 610 levels.When it move higher level fresh selling was seen and when it fall near days low short covering was seen.It is a kind of war between Bulls&bears that caused a narrow trades.

In our previous post we wrote the market fundamentals of ours is not well and gave few reasons when nifty was trading near 5130 levels.Many followers shorted Nifty&Banknifty and today they would have covered it.Now the banknifty seems weak below 9540 if the tomorrow opening will be below this level one can consider short with SL@610.The Nifty breakdown 5000 levels indicates the bear power and below 4910 the market can slide down further to 4700 level or below it.IF nifty move above 5145 level negate this.

What to expect from the market now?

What to expect from the market now?

Short term indicators have given green signal to the market. This does not mean that the worst is over. As you may know that the Euro zone problem cannot be solved in a single day. The Nifty has moved up to cross above the resistance of 5040, probably because of short coverings by the traders. All will end well only when the Nifty crosses 5520 which is a long ... way to go. The next important resistance zone is 5180!!

The market is still in corrective mode and there are few fundamentals shows the further down move can not be ruled out.

1.The inflation is nearing the double digit.
2.The domestic fuel price hike.(Petrol price hike Rs.3.50 from yesterday)
3.The rupee value decreasing against dollar.(15 months low)
4.RBI Ready for Again Rise interest rate.
5.Greece default.
6.Euro zone Getting Closer to Crack
7. Techincall possibility are Open For Nifty fall to --4500/ 4000 levels.


Yesterday market zoomed due to 'Global sentiment' is keeping away the bears!

Positive signals from the euro-zone helped the Indian shares to post gains. Is it good time to buy stocks?

Yesterday, the BSE Sensex gained 166.94 points to settle at 16,876.54. The S&P CNX Nifty zoomed up 63.15 points to settle at 5,075.70. Nifty September futures closed at a premium of 21.45 points over the spot closing. F&O segment recorded a turnover of Rs 131568.09 crore slightly higher than Wednesday’s turnover of Rs 130962.97 crore. BSE exchange recorded a turnover of Rs 2553 crore, lower than Wednesday’s turnover of Rs 2623.14 crore. The market breadth turned out to be positive. On BSE, 1,535 shares rose and 1,259 shares fell. Among the Sensex pack, 20 stocks rose and the rest fell.

Banknifty View for 13.09.2011

In our yesterday Post we wrote

"The Us and SGX are trading weak and the Monday our market may slide further.If Banknifty fall below 9480 do not remain in long.Nifty will again fall below the 5000 mark. No wonder if nifty go down to 4700 level again??'

The today market fell and Nifty opened in 4969 and touched days low of 4901>the Bn opened in 9495 and seen a punch of days high of 9540 and went to the days low of 9336.We have covered all our positional short sold in 9930 level at 9340 level and again sold the same in 9440 level 50% covered it in 9370 level.Many our clients today made Rs20,000 and above in intraday itself.

We still hold our nifty shorts in spite of some intraday gain by swing trades.The Nifty now weak and may break down the earlier recent low 4710 if tomorrow it breake 4890 level.Watch it.The banknifty can have a small bounce back uptp 9580 level where one can re-short.

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Banknifty view for Monday 12.9.2011

Last week the Banknifty bounce up from a low of 9350 level to 9950 level.We sold and covered our shorts in 400 level and again accumulated shorts in 800-950 level and the friday we gave a sell at 940 and covered same in 704 and agin made few intraday swings and made a gain of 300+ points.The positinal shorts still we are holding in nifty and banknifty as we expect the market may bottom once again.

The Bn touched day high of 9960 and fell to a days low of 9635 and Nifty too shown a fall of almost 100 points in intraday.The Us and SGX are trading weak and the Monday our market may slide further.If Banknifty fall below 9480 do not remain in long.Nifty will again fall below the 5000 mark. No wonder if nifty go down to 4700 level again??

Sorry friends,
I was on my vacation and Technical Analysis workshop..so was not in a position to update...from tomorrow onwards blog will be updated as usual..