Live Market

Thursday, May 5, 2011

Banknifty View for 6.05.2011

The Banknifty fell down continuously from the recent high 11950 level to 10700 level today in less than 15 trading it stroke like a wild strom and still the weakness persist in Banknifty.Today nifty was held well in 5300 level and touched a low of 5442.On 26th i mentioned the nifty future punched 5393 in the opening were as it was trading near 5800 level.I now belive the Nifty may slide down to this 5393 level and fill the gap and there on a rally may take place.Lower level avoid fresh positional short.One can book profit in short atleast 50%+.

These days we became a conservative trader as we hold the responsibility of many clients and sail them safely.Intraday when we gain 50+ points profit we simply avoid aggressive trading as the market now is not reliable it may jump any side and any depth.

There is no firm direction seen in banknifty it is better to do intraday for few more days.If the BN come down near 10575 level one may consider for positional long if one can have enough margin to hold till june.One may aim to make 1000+ Points.

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