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Thursday, September 22, 2011

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.


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