Live Market

Tuesday, January 11, 2011

Banknifty View For- 12.01.2011

Banknifty&Nifty today opened in gap ups and stood well for few mins and fell down about 100 points in no time and again in mid-session it shoot up to another high.The banknifty opened in10739 from its previous closing 702 and touched/punched a low of 10631.15 and went to the days high 10979.90.During the 3pm the banknifty fell sharply from 920 level to 710 and again took up to 900 level and lastly traded in 939 level.Today the banknifty witnessed great volatality.

Today we made about 6 attempts and gained about 140+ points gain.(We actually avoided longs purposfully and missed few lump gains twice) When the market touched 10710 during 3.15 pm we covered all shorts and some how missed longs that time.The banknifty took 200 points nearly within 20 mins time.

Yesterday we covered our old positional shorts 50% and still hold positional short to cover in lower levels.The Nifty today was made a stand in 5800 seems it took good support and trade in side ways few more sessions to consolidate more to take a up move.
Today the banknifty spot closed above the 200DMA.The banknifty may open in gap down and trade in side ways. A move down to 10690 may attract fresh selling and may slide down. A move above 11140+ level may make banknifty strong zone again .One can go long in nifty if fall near 5700 level keeping 5685 as SL.The nifty will be now in broad range between 5700-6100.