Live Market

Monday, May 16, 2011

Banknifty view for 17..05.2011

The banknifty opened in gap down at 10970 and punched a day high at 10979 from there on it was unable to cross the 10960 + level the whole day.The banknifty seem having strong support at 10800 level.Today the day low was 10840 and lastly traded in 10871 level.The day was very much sideways but still gave so many chnces for intraday trades in 20-30 points many time.Today we made 4 trades and each trade made an avg of 27 points without any sl hit.So the Net gain we made is 95+ points.

We wrote we have gone positional long in 10800 level still we are hoping the BN will zoom at any moment.The Nifty today traded well above 5500 level and in the afternoon session it fell down and touched a low of 5477 and lastly traded in 5490 level.If tomorrow nifty open above 5506 and cross 540+ level means one can consider long in may go upto 5620 levels.The nifty is not given any firm indication as of now.So active traders can to intraday trading as per the pulse and move in intraday.

As long as the Banknifty stand above 10800 one can consider long and above 10945 it may act bullish...can easily claim up to 11230 level.