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Thursday, August 4, 2011

Banknifty View For 5.08.2011

The yesterday post we wrote ... 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. 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.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.

The market today shown our prediction is almost correct.The Nifty was added more selling pressure and gone down to 325 from the days high 430 level.Bn touched 10789 and fell down to 525 level.

Now the nifty may attempt to move up to 5400 level and bn price discounted much and it has strong resistance in 10890 below it the bulls can not over power ...As its a bear region.Avoid longs till the market find its bottom