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Monday, May 2, 2011

Banknifty View for 3.05.2011

Last few days due to my outstation trip i was not able to update the blog.Kindly ignore and extend your usuall co-operation.

The Banknifty is weak day by day from the last week high around 11900 to 11229 level.We sold the banknifty in 11810 last week and covered today at 11300 level and gained about 500 points in a weeks time.The last few days the Nifty and BN consistently falling and stand still in every level and trading sideways without any gap.Today we have not seen much psoitional short covering in Banknifty and Nifty so we expect the Nifty future may go down to 5700 level and may take support in 5640 level and can bounce back.The Banknifty today touched a days low of 11229.If tomorrow breakdown todays low it slide down to 11110 level.

The banknifty today opening shown a punch of 11588.80 but not seen trading in that level.It was only traded in 11350 was unable to cross the 11380 level.The opening was remained as days high.The Bulls now have hope only above 11620 level.Below it do not remain in long.