Will The correction Take Place?

Finding Way ouT To Answer This Question!!! The nifty last week huge selling was seen and during the deepawali day its gone to new high and sustained in a range. But from last 3 days trading, the nifty much selling pressure was seen .Nifty broken the critical supports-5932 and 5876 and closed weak.

In my view,

Happened due to the 2G-Spectrum Scam and the follow up Political Scene.The media were showing so many angles about the scam and its impact on the coming days.The Oppossition political parties were asking the PM to resign..This made a mess in the traders mind.The traders were not willing to take risk as many rumours about the ongoing strom in our parliment..this made the traders not to risk over carring the week end positions that would have probably added more selling pressure.The coming Thursday the F&O closing that make more swing in market.Now the cross over of 5900-6000 level may act as hurdle for upmove but after F&O closing the market may again move up.The banknifty may take support in 11780 level and bounce up again to 12,000+ levels.I wish avoid fresh shorts till f&o closing.

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.