The Banknifty fell down to 12020 level form its day high of 12375.We started selling from the opening and gained 150 points+ in intraday.The range bound trading was over powered by the bears and broken down and took support at 12000 level.The nifty also broken the 5934 & 5878 and huge selling seen during closing.

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The bank of china hiked the Reverse Repo by 50bps.Now our banking stocks is in falling phase and more selling pressure will be seen on the coming days.

The Banknifty Slide further Down...!!

The banknifty future today huge selling was seen from the opening and closing somewhat balance to the middle. The Banknifty took support in 12,100 level and anything near 12600 it struck in range and when it move near 12800 or the chennel top selling seen.The Nifty Broken today the critical support 5937 level the next support liess in 5875 level a breake this level may weaken the market a blood bath can be seen.Avoid long now.

The above 'EOD'- chart shows the banknifty now turn to be '-ve' and a jump above 12800 may possibly lead to a new highs...But as of now the nifty is showing great weakness a further slide down is on card now.The icici,Sbi and many banks shown huge selling today.

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The traders & investors are now feared to invest in the market as every one fear about the global correction. On the other hand the FII's are consistently pumbing money into indian market last few months.i have heared about 25 billions they have already invested and seems another 10 billions they propose to invest in our market.So, fundamentally our market is attractive for the long-term investors.

The Opening we sold banknifty in 12560 level and before we place SL the market fell sharply to 495 and we covered it with 60 points profits.We made four attempts in intraday trade and made 53 points as an average in each and net profit we made in intraday today is about 200 points +..(qty-100X200=Rs.20,000/- made by all clients)

In the afternoon near market closing we kep our self's aloof and just witnessed market bounce up to 12740 levels.The sbi were very aggressively gone up in minutes and that impact shown instantly in banknifty future.The banknifty and nifty closed firm and strong as i told in my last post it will again bounce upto 12900 level and take firm move from there ..The Direction may be only can predictable during that time.

The tomorrow the banknifty may open gap down and sustains side ways as now it locked up in a range and many banking stocks touched the pinnacle so the possibilities of further upside is limited.