Live Market

Monday, July 4, 2011

Banknifty view for 6.7.2011

The Banknifty opened in gap up and went down to the days low of 11350 and again in the afternoon session it broke of the earlier days high and touched a days high of 11436 level.Were as the nifty was struck in a range bound between 5642- 670 and the day high was 690 that was done in the opening and unable to go up beyond 5670 level as the selling begun.

The Nifty can be bullish above the 200DMA around 5747 level.Now it is weak below the Fridays low 5616 level.The Bank nifty now weak below 11350 and it can fall down to 10900 level once broken down this support.The Bn left a gap from friday closing 11295 - todays low 350.There are also so many running gaps left unfilled.The next immdiate resistance for bn is in 1476 level.(200 DMA.

So, I would change my views only if the nifty & Bn closes above the 200 Dma till then the Nifty and Bn Crawls in sideways and any worst news come it can fall down anytime.Now the choppy market it is not good for day traders.