Banknifty View For !.07.2011

The Nifty and Banknifty enetered into a strong Resistance zone.The Nifty Spot today touched the days high of 657.90 and the hurdle it has in 659 and 688.The Nifty many time failed in attempts to cross this hurdle in the recent past.Being a F&O closing today nifty & banknifty was traded in a narrow range and tomorrow trend will be decided the market direction from here.During the market closing the nifty jumped up from its day low 5603 to653(jun-future) but the profit booking was seen in nifty longs.

The Banknifty usually jumps up 200 points easily was struck in range bound last 3 days.We are even unable to make out intraday trades as it was very choppy.The Banknifty Now has very tough hurdle in 11320 level.The SBI gone to 2400 level and many other Banks also went up now we expect the short term profit booking in all these counters.The intraday chart showing a mixed pattern.The Bn jun future touched a days low of 11146 and jumped up and broken the earlier high and touched the days high of 11266.85.

The Nifty and banknifty now in overbought zone.The indicators shows a '-'ive divergence and yet we need to see the same in the price as it was not yet shown weakness.In the coming sessions we need to observe catiously as the profit booking+fresh selling may be there.If it happens the price may fall and nifty breking down 602 and Bn down to 11110 level will confirm the weakness.Till such time it will crawl side ways.

The inflation and the Greece Debt crisis etc will have the impact on our market soon or latter.It is better to avoid long now if nifty cross the 5700 level than the context in that time may change.We also noticed the DII's are almost selling every day.

Banknifty View for 29.06-2011

Chart analysis by-http://niftychartsandpatterns.blogspot.com(Upto yesterday)

Today-Intraday chart

The Market witnessed a relief rally and the bulls all of certain took up the power from the bears from last Friday.Today the Bn opened in gap up and fell down to the days low to 10990 after touched the day's high of 11134.60 level and afterwards it was in sideways and the whole day was choppy.During market closing it moved up and near 11080 it faced hurdle and fell down to 11060 level.

Today nifty future touched the days high of 5558 and gone to the days low of 5491.We have mentioned the nifty has support in 5480 but today it held well as the selling pressure was not enough to push it down.On the same time the nifty was unable to move up above 5550 level.Most of the time it was trading in between the 5510-530 level.

The Nifty and bank nifty now facing multiple hurdles and any time it can go down to fill the earlier gaps left in last week.The Nifty moving down to 480/440 bring more selling pressure as it is now reached the over bought zone.Last few days it seems the Short roll over to next month was more and coming Thursday the F&O closing ,so the market may slide down.yesterday due to the diesel price hike the Oil companies shown bullishness and today it was reversed.

In coming weeks we expect the Bn to go's down to 10600 level.The nifty may not cross the 5605 level.Above this level nifty has strong hudle in 5659 level.

Banknifty View for 28.06.2011

The market gave a utter shock to all the bears from last Friday onwards.From 10445 low on friday to 11094 high of today.The FII's buys made this uncertain pull up rally.Today it opened in gap down and traded near 10820 level and zoomed up in no time to 10900 + levels.Where it shown weakness and consolidated again jumped up to 11k levels.We have skipped longs as the market seems still not come to the normal mode.As we aware when the rise of peaks the vally also deepen near by.Our market situation now is a similar kind.

The Nifty shown a head and shoulder formation during april 3rd week when Nifty was near 5900+ level.This formation is still in act as the market faced a down fall.Now the 5605 may act as major res.if move above this level we need to negate this HNS formation as the neck line will be brake up.Till such time this indicates bearisness.Today nifty was findind difficult to cross the 5550 level as it traded well most of the time between 5520-40 level.The nifty break down 5480 may bring more selling and may reverse this rally.

The Banknifty is shown so many jumps up and left running gaps.The SBI jump to 2300 level took up tis index we expect before F&O closing the market will be back to the reality.It may not sustain in the higher levels.