The market opened weak today and the banknifty touched the dya's low of 10650 and traded in a narrow zone more than 3 hours and nifty came down to 5475 as expected and bounced to the days high 5546.
Today the market sentiment was negative and during the last half an hour the market done the complete 'U' Turn and rose to the new days high.The Bn shown a days high of 10861 and it was caused due to panic short covering and huge Positional Sl hits.The BN was not able to trade above 850 level and it also came down to 813 level and lastly traded in 10839.
We still feel this rally is a kind of phony the decline of NSe scrips ratio is more and there is still dilema for fresh buy even among investors.The Nifty now may trade in wide range from 5440 to -580 level.The Banknifty will again fall down and touch 10620 level..if it break down this it slide down to 10340 level.we do expect once again a gap down opening tomorrow..I would not suggest any fresh long in nifty as well as banknifty .
Today the market sentiment was negative and during the last half an hour the market done the complete 'U' Turn and rose to the new days high.The Bn shown a days high of 10861 and it was caused due to panic short covering and huge Positional Sl hits.The BN was not able to trade above 850 level and it also came down to 813 level and lastly traded in 10839.
We still feel this rally is a kind of phony the decline of NSe scrips ratio is more and there is still dilema for fresh buy even among investors.The Nifty now may trade in wide range from 5440 to -580 level.The Banknifty will again fall down and touch 10620 level..if it break down this it slide down to 10340 level.we do expect once again a gap down opening tomorrow..I would not suggest any fresh long in nifty as well as banknifty .
