Live Market

Thursday, July 21, 2011

Banknifty View for 22.07.2011

The banknifty today opened in gap down in 11152 and gone to 180 from there it fell down to11110 and sarply bounced up and marked a days high of 11230 and gave up all the gains in less than 5 mints.We sold Bn today again and again when it gone to 200+ level and covered all intraday short in 11110-20 level and made about 100+ points in intraday.As far as the positional are concerned still we remain in shorts in Nifty&banknifty.The Bn made a days low of 11035 where as the nifty touched the days low of 5532 and crawled in range.

The banking stocks are still attracting a sell and the bn may slide down to 10900 level.The nifty today broken the support area 5555 but price wise did'nt show much fall.So one can consider short below 5555/5510 and the bear can loose power in 610 level.One can reverse short there.The banknifty was unable to cross the 11440 level decisively as per we mentioned in our earlier post's.It was taking good support in 1200 level many time ,but last 2 days it broken this support and today it gone down to the days low of 11035 level and there too it attracted fresh sell..This indicates the weakness may remain some more time.The banks discounted the price in advance..This may caused due to the coming Repo Rate hike/Global crisis.So at this point of time when you go long apply sl/ trailing is must.

After the 2008 meltdown now the market is facing a similar/less situation.Many Economical facts shows more negative than positives.The trader just be cautious and have your own trading plan to win the battle.