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Thursday, July 28, 2011

Banknifty View for 29-07-2011

Dear friends,
My yesterday post i have mentioned volatility in today's market but i didn't expect this drastic gap down.The Sgx Nifty shown a weakness and we were ready to manage today battle and gone short twice in nifty and Bank nifty and made good intraday gain.We sold in 10940 level and place buy at 10864 in august future and that was achieved...But we advised to cover in 900 level many clients as there could be some bounce at the end...But the market was unable to go there was selling consistently.The Nifty was unable to reach the opening high..!!

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The Nifty now again slide to 5420 level and that is the last support for bulls to have some hope if not broken..if broken the market may witness major fall.The Bank nifty last support as per our data is 10743. Above 11140 it can sustain in sideways.

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