Live Market

Friday, May 6, 2011

Banknifty view for 9.05.2011

Today banknifty opened in gap up from its yesterday closing 10748 to 10820 level.But actually there was a punch seen in 11726...!!.

After seeing this 1000+ gap punch we have gone long and made 100 points profit in the opening itself. We bought near 10820 and expected 11120 target that was achieved.We have only seen the 10820 level and the high of 11180 level.The opening punch 11726 was not traded...but we need to consider the gap up punch as it indicates something.The recent past we have seen when the nifty was trading near 5800 on 26th- April it punched 5393 and the market fell down from there on and today only it shows some up move.

Today nifty traded well above 5540+ level and touched a days high of 5574.we belive the market now is in buy mode and one can go long in banknifty as we too intiated positinal longs.

Rest we will update on sunday night.