Live Market

Friday, July 1, 2011

Banknifty view for 4.7.2011

The Friday market we have seen the selling pressure in nifty and Banknifty.The market manage to open in gap up but it failed to sustain in the higher levels as the profit booking and fresh selling brought it down both Nifty & Banknifty.The nifty opened in 5700 and touched a days high of 702 and fell down to a days low of 5616 level.The Bn opened in 11299 and touched in days high of 11346,but we couldn't see it was trading in 346 level,we could only see in 320 for few mints than it slides to the days low of 11212.We made intraday short and covered the same in 50+ points gain in the opening and also sold fresh in higher level during market closing.

The Nifty witnessed trading below 5650 level most of the shown much weaker than Banknifty.We mentioned in our previous post the Bn face hurdle in 11333 and nifty will face hurdle in 728 level.Now the Monday market expected to face some more additional selling.As the context in our nation now may turn become sentimentally negative.The RBI hike the Repo rate once again and that make our banks to hike the lending rates for Auto& Reality sectors.Which is fundamentally a negative sign for banks.The another thread now is the Congress MP's of Andirapradesh are planning to resign in Monday as their demand of Independent Telungana is unfulfilled.

The Nifty by any chance falling down to 5603 make a new possibility of downward bias.The Bn now the 11212 act as minor support and falling down to 10918 may take the market back to square one.There are many talks in many blogs the Nifty will reach beyond 6400 level..!!! we really doubt this possibility now.However the Tech view's are strong the fundamentally our market is not that much bullish.In the recent past many times the correction was done from this current levels.Not just that,There are many gaps was left unfilled in this relief rally.