Live Market

Monday, June 27, 2011

Banknifty View for 28.06.2011

The market gave a utter shock to all the bears from last Friday onwards.From 10445 low on friday to 11094 high of today.The FII's buys made this uncertain pull up rally.Today it opened in gap down and traded near 10820 level and zoomed up in no time to 10900 + levels.Where it shown weakness and consolidated again jumped up to 11k levels.We have skipped longs as the market seems still not come to the normal mode.As we aware when the rise of peaks the vally also deepen near by.Our market situation now is a similar kind.

The Nifty shown a head and shoulder formation during april 3rd week when Nifty was near 5900+ level.This formation is still in act as the market faced a down fall.Now the 5605 may act as major res.if move above this level we need to negate this HNS formation as the neck line will be brake up.Till such time this indicates bearisness.Today nifty was findind difficult to cross the 5550 level as it traded well most of the time between 5520-40 level.The nifty break down 5480 may bring more selling and may reverse this rally.

The Banknifty is shown so many jumps up and left running gaps.The SBI jump to 2300 level took up tis index we expect before F&O closing the market will be back to the reality.It may not sustain in the higher levels.