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Monday, September 19, 2011

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.


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