Live Market

Wednesday, February 23, 2011

What to expect from the market now?
Foreign institutional investors off loaded stocks worth Rs. 245.42 crore on Monday along with the domestic institutional investors who in turn sold out stocks worth Rs. 27.61 crore. We expect the market to remain in the tight range despite the sell off made by the institutional investors. Market is expecting some cues from the budget but post budget there could be huge volatility in the market. Today, the market is expected to be in tight range. The upper band of the nifty may be 5520 and in case it crosses the same it could go up to 5580!

Today our market fell down sharply in the afternoon .The Banknifty gave up from its day high 10877 to 640 level.Nifty gone down from 5501 to 5426.This weak nifty and banknifty there were less buying and more selling seen on monday to till today that made the fall and the bulls have less hope now..If Nifty move above 5560 level the inverted head and shoulder may come in act and lead market to further highs and if nifty move down to 340/320 level just negate this formation it will fall further there on.

We were selling Banknifty right from the recent high's 11270 level and the partially we booked profits in positional short today in 10660 level which was sold in 11270.We made about 600 points in positional short in a weeks time.Still we hold part of our short to cover at lower level.

Today in intraday we made 4 attempts and succeded in all and gained about 130+ points profit. At last we sold in 10840 level and covered soon as we made enough gain in intraday, once we covered it fell about another 150 points.We just sat tight and kept ourselfs away from market.

The Banknifty as we mentioned in our monday post below 10770 huge selling will be there that happened after 3 days today.Now tomorrow the banknifty may trade sideways and may fall down agin in the coming days.