Live Market

Monday, April 4, 2011

Banknifty view for 5.04.2011

The Banknifty done a complete 'U" turn today as the Nifty was very well hold it status quo and touched a day high of 5955.30.The banknifty was weak during today openining and technically was in sell mode.We sold in the opening around 11740 level and gave a target at 692 which was ahived and the Bn gone down to a days low of 684 and bounced slowly abobe 722 and there on gathered strength as it was done by so many short and sl hits.As we stated in our friday post above 743 it added fresh buy and above 788 lot of running gaps took it to 919 level and we sold again in 11905 and covered the same in our today trade there were 2 sl his as the market was in side ways.Still we made net gain about 30+ points.

The Nifty now has multiple resistances and we also expect it may attract profit booking at this stage as we are facing so the result seasons.The banknifty is really strong in 920 level but today it jumped and did'nt stayed back during closing.It is a kind of exhasitive gaps.We really need to observe the tomorrow trnd to confirm this.Or any prediction may futile.The friday Bn touched a days low of 11602 and today it touched 919 so any time it can slide down as per the move of NIFTY.