Live Market

Monday, February 21, 2011

Banknifty View 22.02.2011

The Banknifty today opened in mild gap up from its fridays's closing but was jumped to 10980 level during opening and slides down sharply in no time to 10840 level.We turned the situation to our own favour and made a swing sell& buy in the opening 10 mins itself and gained 58+52 points respectively in 2 trades and in the afternoon we made another 1 attempt and made 38 points.Over all we made a gain about 140 +points today in intraday without SL-hits.
The Banknifty showed a days low at 10784 and in the afternoon as the SBI moved up this index shoot up to 11099 about 315 points zoomed in short while.This seems no good as it is not traded well in these levels between and jumped up.These caused because of the exhaustive running gap's and that will be filled soon or latter.
The Banknifty my friday view, i wrote if move below 10770 drastic selling will be there,but it took sup in 784 and gone up and closed well above.As the MA is still not confirming the firm direction.When i saw the Atp during closing 10922.Thats shows the Banknifty may open gap down tomorrow.But considering Nifty jump above 530 to 560 it can be more volatile upto 5640 level.I advise no fresh longs until nifty close above 5600 levels.
The Views are still same the banknifty is now weak below 780 level and may stong above 11270 level in between it sustain and can move sideways.The tomorrow market will be expected to be choppy.