BANKNIFTY VIEW FOR 14.01.2011

BANKNIFTY today opened mild gap down at 11110.05 from its previous closing 1153.95.As per our technical levels it was weak and we sold in the opening in 11110 and kept a narrow sl at 117 and that was hit in no time.But again we sold in 11120 and kept our SL bit wider and place a buy in 11023 level and when we saw Banknifty struggeled in 11040 level we covered 50% and balance we kept in 11023 and that was achived in few mins.

In our yesterdays post we wrote>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.'We went short in 10945 level and holding minimum shorts.we may cover it at 10800 level'. After writting this i happen to surf on net to know the other technical analyst views and many wrote about the banknifty that may touch 11300+ levels.When the market opened and showed a weakness we followed our method of trading and sold again apart from our yesterdays short and covered so soon in 10900 level as considering the safety first.Because many were in long and we are the only people, i think who were in short.

The banknifty was touched all our predicted down levels and touched a days new low 10680 during the last hours.Lastly traded in 10765.The low to high difference was about 464 points.Today the trend was one side- i.e, down slide.We actually we missed a golden chance as we are the one sold near the days high and covered soon when we saw 70+points and we again sold and made 48 points and attempts 3 more and sl was hit for about 10-17 points.

The tomorrow banknifty may open in mild gap up near 10720 levels. if, sustain above 700 level it can claim upto 10900. if, failed in this and open below 10680 it will be weak and slide down to 10,340 levels.The spot Bn is closed below the 200DMA,that is a sign of weakness.One can go short in banknifty near 10900 and keeping 947 as SL.The Nifty touched a days low of 5736 it is still in a range bound.one can initiate/consider going long near 5700 keeping 685/715 as SL and expect it move near 810 levels for a exit.

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.