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Wednesday, August 3, 2011

Banknifty View for 4.8.2011

The Market witnessed the Knee Jerk reactions as of now..The US Debt&Greece and UK crisis may consistently grow as per the macro economical view.The world market yet to face/encounter the follow up reactions soon.The impact we have seen is not yet over.The continuous rises of Repo rate in the name of controlling the inflation is not a good sign...The corporate earnings will be slowdown and the nation economy also already in the process of slowing down!!

We sold Nifty positional at the peak near 5710 and also resold in 5530 level two days ago and all short we squared today near 5390 level.NIFTY positional was great in last 2 weeks we made good gain.Today nifty made a crucial attempt of touching the low of 5386 and bounced up to 5436 level.Now we need to watch the follow up price moments any fall down to 5380 level may add fresh selling pressure and lead the nifty more down fall to 5230 level.

The banknifty touched a days low of 10575 and closing it try to fill the yesterday closing price gap..but failed...the closing jerk made a high of 10729.90 level...But most of the day trade the Bn was caught in between 10625-50 level and it made a running gap from 10655 to 729 this seems a pseudo bounce and the Bn may fall back down to 650 level on the coming days.Any rise above 10780 bring fresh can apply this as SAR and short below 750 level,