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Thursday, January 6, 2011

Banknifty View For 7.01.2011

Banknifty traces back to 11400+levels.One must be catious if breakdown 11210 level it is critical and may drastically fall down another 400-500 points.Now Banknifty trading needs trict SL for both long and short. >>This is what we wrote in our yesterday post about preiview of todays market.

The Banknifty took up in the opening and toched a hihg of 11440 and fell sharply.We sold it when it was sliding and place buy at 316 but 50% covered near 350 considering safty first and rest covered at the target.The banknifty fell down another 100 points and touched a days low of 11222.00.We mentionted the 11210 is a critical support and breakdown may weaken this index further down another 400/500 points.

So we expect a minour pull back may be on card for tomorrow may try to float above 11300 level and trades in sideways.One must be watchfull and keep a relavant SL for each trade one may do.A fall down to 11210 one can initiate short with sl above 11260+ and can hold short for 10980 level.