Live Market

Tuesday, May 31, 2011

Banknifty view for 1.06.2011

Banknifty and Nifty today opened in gap up and went strong.From yesterday's closing 10700 bn today opened up in 737 and gone instantly to 10800 + levels and in the mid-session it showed weakness.We gone long in opening around 10740 and gave a propsed target of 10825 but we exited near 804 as it was strugguling and went short there and covered the same in 750 level and we really missed a long when it touched days low at 10730 level.from the low it slowlely claimped up to days high of 10944.90.

The Nifty was able to break out all hurdles on the upside from 5520-45 and touched a days high of 5563 and lastly traded in 5552 level.The major correction in indian market was averted last week.Today sbi also gone to 2280+ levels.

In our view now the market is strong but we would not suggest fresh long at this level.As we have noticed today and yesterdays the market left many gaps including open&running gap's.The 'Island of reversal" tend to happen any time.Even for intraday long use sl-strictly .

The Bn is due to fill the 10460 level gaps if it needs to carry on this rally firmly it has to fill this gap.So that it can move up without any vaccum on the downside.