Banknifty View For 4.10.2012

The Last week the market was directionless as it held in a tight range bound.So we have not posted any preview that may futile.When things are technically feasible and predictable then only we post here.As many traders keenly follow our blog post.As far as our paid clients are concerned it is easy to guid as they are in our chat paid group and easy for as to guide them online during market hours.


We were building shorts before expiry in Nifty and banknifty in every peak in October month today the banknifty we covered the short almost 50% near 9170 level which we sold above 9730 levels.The balance chart we still hold.The nifty we took short in 5030 and in 4820 we covered 50% and remaining we hold.Now the market out look seems to be very bearish.Today the gap left from Friday closing the market may attempt to fill this gap..tomorrow any rally near 930 we may sell nifty 50% again what we covered today.The banknifty future has strength above 9540 level below it can attract sell only.The 9000 level were tested many times but this correction may breakdown and take banknifty to 8800 or 8300 level.The nifty down side is wide open now as per the technical indicators.

today the banknifty was unable to cross the 9240 level the opening was at 9320 and the high punched was 9348..from there on it slided down and most of the day it traded in below 9200 level.Which means it attarct sell between 9200-300 level.Tomorrow it try to jump up above this range,as below 9185 the selling pours out.Watch out..

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So every rally exit longs or sell fresh.Now the stop loss trade is very much in need ..the sharp bounce in intraday is possible.

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