Banknifty View for 9.02.2011

In our View the banknifty possibly open in gap up and sustain above 10,440 level may lead it to a 10580/620 levels.If open or go's down by chance below 10343 it attracts more selling pressure and the bulls will have no hope there on!!! it may slide down to 9970 level.So trade with proper SL.The Nifty today some how retained above 5340 level..down to it a minor/major correction may occur.This is what we wrote in our yesterday post about today market pre-view.The banknifty done exactly the same as it opened in gap up about 50 points from its yesterdays closing 10375 to 10425 level.The day high was 10430 and low was 10127.It was not having strength to cross 10440 level as we mentioned.

Today we made a good gain in banknifty...when we sold in 267 level we were sure of 100 points free fall and gave a buy at 10166 after selling and many conservative traders, we made to cover when we saw 50 points gain and few of our old clients were waiting for the target and covered in 166 and made about 220+ points profit in intraday.We infact sold near the days high around 415 and also covered near days low...we made many swing trades.We also covered our Positional banknifty shots partially to near the days low 10130-40 level.

Now the yesterday view is still remain the same.the banknifty showing much weakness in the last fewdays...as the components of banknifty out of 12 banks the 10 banks were weakening day after day.Today the SBI&PNP was showing green at last the PNP gave it up after retaining its status quo for a long while...May be some huge basket selling happend in this counter.Considering this weakness the Nifty may slide down further as it broken down the major supports 5340 today and made a low of 50303..But the last traded price was 5394 seems it is again having little hope to claim up!!!.Let us not remain long in this state at the same time not advising fresh shot at this low level.Watch out carefully This weak may witness a twist in our market.The Banknifty now has strong support at 10110/9970 level.

Banknifty View For 8.02.2011

The banknifty and Nifty today gave little hope for the bulls as it openend in mild gap up and traded in a tunnel range.We sold and covered twice and gained during the opening about 60 points.The Bn was well traded between 10460 t0 420 level well and we traded many times.When we sold the 3rd time we sold and kept sl double buy at 472.Also place buy for short at 343 level as we were insisted to all our clients this level will be touched today...But market done the other way it went up and our sl-double buy was bought and we sold the same in 10510..it touched a day high of 10514.35 level and fell sharply down from that level in a short while as it indicates so much of manypulation and done a new days low of 10341.30.Many our clients sold while falling and bought exatly in the days low >10,343 level.

The Nifty was strong enough and shown too many whipsaw's moves in side ways and it also breakaway the critical day ressistance 5420 and touched 5444.50 and fell down to new day low of 5370.10 and lastly traded in 5405.The nifty gave so many pause/consolidation...and shoot up to 30 points in no time and failed in holding itself in higher levels...the spot index's also trades in premium..all it shows the future of nifty&Banknifty at present has so much selling pressure that may push the index further down.

In our View the banknifty possibly open in gap up and sustain above 10,440 level may lead it to a 10580/620 levels.If open or go's down by chance below 10343 it attracts more selling pressure and the bulls will have no hope there on!!! it may slide down to 9970 level.So trade with proper SL.The Nifty today some how retained above 5340 level..down to it a minor/major correction may occur.

Banknifty View For 4.02.2011

The tomorrow we expect a bounce up in both Banknifty and Nifty.The Nifty weekly MA rised and its having lot of chances to go beyond 5530 level once sustain above 540 it may consolidate and sharp move in the upside can be expected.The Banknifty was very weak below 10470 today it touched low of 452 that caused due to the exhaustive gap down so we need to observe it tomorrow weather banknifty sustain above 10540 or not.It will act bullish now above 10680 level or slide down to 388 level.The other chance is it crawls in sideways/become choppy.

This we wrote in our yesterday post about today market.As expected the nifty bounced up and touched a days high of 5545.90 and Lastly traded in 5538.00.

The Banknifty also gone up to 10745 level from its opening 10533.The day low was 10440 and during market closing it jumped up from 690 to 720 levels many time and finally traded in 10700.We made many intraday attempts and th net gain was almost nil as few sl were triggered.

In our View The banknifty now strong above 10770 and it has to sustain well above this level then there may be a rise up to 10840/60 level.It also find good support in 490 level so it may swing/crawl side ways between this level.If Nifty bounces above 5555 level it can jump up another 100 points to 5630/40 level.In this case the banknifty may go near 10900 level.We expect a side ways move in banknifty on the coming sessions.