Live Market

Thursday, June 30, 2011

Banknifty View For !.07.2011

The Nifty and Banknifty enetered into a strong Resistance zone.The Nifty Spot today touched the days high of 657.90 and the hurdle it has in 659 and 688.The Nifty many time failed in attempts to cross this hurdle in the recent past.Being a F&O closing today nifty & banknifty was traded in a narrow range and tomorrow trend will be decided the market direction from here.During the market closing the nifty jumped up from its day low 5603 to653(jun-future) but the profit booking was seen in nifty longs.

The Banknifty usually jumps up 200 points easily was struck in range bound last 3 days.We are even unable to make out intraday trades as it was very choppy.The Banknifty Now has very tough hurdle in 11320 level.The SBI gone to 2400 level and many other Banks also went up now we expect the short term profit booking in all these counters.The intraday chart showing a mixed pattern.The Bn jun future touched a days low of 11146 and jumped up and broken the earlier high and touched the days high of 11266.85.

The Nifty and banknifty now in overbought zone.The indicators shows a '-'ive divergence and yet we need to see the same in the price as it was not yet shown weakness.In the coming sessions we need to observe catiously as the profit booking+fresh selling may be there.If it happens the price may fall and nifty breking down 602 and Bn down to 11110 level will confirm the weakness.Till such time it will crawl side ways.

The inflation and the Greece Debt crisis etc will have the impact on our market soon or latter.It is better to avoid long now if nifty cross the 5700 level than the context in that time may change.We also noticed the DII's are almost selling every day.