BANKNIFTY VIEW FOR 13.01.2011

The banknifty our pre-market view did'nt happen.We were expecting a mild gap down opening where as the banknifty opened in a wide gap up @10974.The banknifty was touched 11015 during the opening 15 mins high and fell down.In the mid-session when the IIP data flashed in news and some news about raids in SBI head office etc made banknifty &Nifty to fall sharply. The banknifty came down to 850 level. Latter on the banknifty agin fell down and touched a new day's low at 10725 and made a 'U" turn and touched a days high of 11184 and lastly traded in 11147.10.The difference between low to high was 459 points.The market today was highly eratic.it broken down all days lows and also broke out all days high.

We made almost 8 attempts today in banknifty and failed in 3 attempts.We also covered today all our positinal short, when it unexpectedly touched a low.We went short in 10945 level and holding minimum shorts.we may cover it at 10800 level.We tried shorts in higher levels to rise our selling avg that only made us to attempt more trades today and overall could rise about 60-points gain.

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The banknifty is made a high inspite of the weak IIP Data. It fell down very fast and touched a days new low 10725 in no time. when it crossed the 10960 level the panic short covering only took it up to 11100+ levels. As we see there is not much strength to move this high other then this reasons.Our expectation is the banknifty tomorrow trade in side ways and consolidate more for few more sessions.The nifty we wrote in our pre-view, one can consider going long in days low.Today nifty touched the days low of 5711.65 and touched a days high of 5885(we wrote go long near 5700 sl@5685.One would have made about 180 points in Nifty today)

Banknifty View For- 12.01.2011

Banknifty&Nifty today opened in gap ups and stood well for few mins and fell down about 100 points in no time and again in mid-session it shoot up to another high.The banknifty opened in10739 from its previous closing 702 and touched/punched a low of 10631.15 and went to the days high 10979.90.During the 3pm the banknifty fell sharply from 920 level to 710 and again took up to 900 level and lastly traded in 939 level.Today the banknifty witnessed great volatality.

Today we made about 6 attempts and gained about 140+ points gain.(We actually avoided longs purposfully and missed few lump gains twice) When the market touched 10710 during 3.15 pm we covered all shorts and some how missed longs that time.The banknifty took 200 points nearly within 20 mins time.

Yesterday we covered our old positional shorts 50% and still hold positional short to cover in lower levels.The Nifty today was made a stand in 5800 level.it seems it took good support and trade in side ways few more sessions to consolidate more to take a up move.

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Today the banknifty spot closed above the 200DMA.The banknifty may open in gap down and trade in side ways. A move down to 10690 may attract fresh selling and may slide down. A move above 11140+ level may make banknifty strong zone again .One can go long in nifty if fall near 5700 level keeping 5685 as SL.The nifty will be now in broad range between 5700-6100.

Banknifty View for 11.01.2011

The monday the market players will be in better judgement(as 2 days holidays) of the future direction and what we forsee is a panic selling may be there in the opening that may lead banknifty to 10700 levels....This we wrote in friday after market closing- about todays market pre-view.

The Today market done the same. From the opening itself it attracts so much sellings and lot of running-down gaps seen in todays market.The Banknifty today opened in 11100 and touched a day's high in the middle of the session 11138 and there on start falling in one direction and made a day's low of 11664.About 474 points difference from low to high.

We sold in the opening and made good gain overall in intraday with a conservative trades.We have done 4 trades and 1 sl was hit about 20 points other 3 trades we made a net gain of 146 points.We actually told our clients to sell near 10800 and gave a tentative target of 10690 level. but once , seen 50 points+ profit we booked profit and was sitting tight for a longer time to retain the profit we made.

The Banknifty today brokedown the '200DMA'.The inflation factor and the FII's selling and the expection of intrest rate rise all slow down the banks growth and more selling was seen.

The Nifty made a days low of 5746.00 from its high 5924.70 level.Technically we feel the nifty may find support in 5700 level and prepare itself for a pull back rally.The banknifty may take support now in 10280 level and bounces up to 10800+ level.We need to observe another few sessions to confirm this.Till that time, do your intraday trading with proper SL.