The monday the market players will be in better judgement(as 2 days holidays) of the future direction and what we forsee is a panic selling may be there in the opening that may lead banknifty to 10700 levels....This we wrote in friday after market closing- about todays market pre-view.
The Today market done the same. From the opening itself it attracts so much sellings and lot of running-down gaps seen in todays market.The Banknifty today opened in 11100 and touched a day's high in the middle of the session 11138 and there on start falling in one direction and made a day's low of 11664.About 474 points difference from low to high.
We sold in the opening and made good gain overall in intraday with a conservative trades.We have done 4 trades and 1 sl was hit about 20 points other 3 trades we made a net gain of 146 points.We actually told our clients to sell near 10800 and gave a tentative target of 10690 level. but once , seen 50 points+ profit we booked profit and was sitting tight for a longer time to retain the profit we made.
The Banknifty today brokedown the '200DMA'.The inflation factor and the FII's selling and the expection of intrest rate rise all slow down the banks growth and more selling was seen.The Nifty made a days low of 5746.00 from its high 5924.70 level.Technically we feel the nifty may find support in 5700 level and prepare itself for a pull back rally.The banknifty may take support now in 10280 level and bounces up to 10800+ level.We need to observe another few sessions to confirm this.Till that time, do your intraday trading with proper SL.
