Live Market

Wednesday, January 19, 2011


Our expected view now banknifty is it will float near 10,600 for another 2 days and consolidate and may bounce upto 10800 level.This we wrote in our yesterday post and that view would be still on as the banknifty today opened in gap up in 50664 and traded well in 680 and fell down to 616 and took support and bounced to days new hih 10745 and in the afternoon session fell sharply from 680 to 580 level in few mins.There on it was remained weak and touched a new low of 10571 and during the market closing surged to 10650 level.

The Nifty was opened in firm 5740 level and touched a new days high of 753.95 and fell to 5661 and during closing it lastly traded in 5697.The Nifty and Banknifty weekly Moving Avg is raised and that may again raises on the coming days with more side ways moves and can jump up.Now nifty has a slight hurdle in 5756 level and support is in 5634 level.

In our view the banknifty may open in gap up near 10680 and try to touch 10780/820 level.If it open weak and slides down to 10504 it will be added more selling pressure and that may slides down to 340 level.The third option is - open near 10620 level and float in sideways with narrow range up to 700 level bottom it may down near 580 level.As per the today trade the banknifty was shown mild weakness.