The Banknifty today was firm and traded well above 10506 level that itself shows the banknifty now in a recovery/retracement mode.It can go up any moment as the closing of Nifty and Bn also was strong.
The Bankniftyopened today in gap up from the yesterdays closing 10483 to 10550 and it traded in 10600 and above in the opening itself and zoomed upto 699.80 then latter part of the day it also touched new days low at 10532 and again goneup to 600+ level and lastlt traded in 10650 closed well above 100 points from its yesterday closing.Today we made about 50 points gain overall by doing very conservative trading.
The Banknifty tomorrow will have hurdle in 10720 level above it will go upto 10,860.The Nifty today closing show us a possibility of pullback rally on the coming days and that will be confirmed in this week end.The Banknifty if slide down to 10488 by any chance it may slide down to 340 and 220 levels.Our expected view now banknifty is it will float near 10,600 for another 2 days and consolidate and may bounce upto 10800 level.
Coming back to the markets, the BSE Sensex was up 41.01 points to close at 18,901.45. The S&P CNX Nifty was up 7.70 points to close at 5662.25. Nifty January futures closed at a premium of 5.45 points over spot closing. F&O Segment recorded a turnover of Rs 126368.16 crore much lower than the Friday’s turnover of Rs 210495.14 crore