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Banknifty Future Weaken Further Today

The banknifty future opened flat and instantly fell down and came down to 12180 level.Where as in the after-noon session it shoot up again and cross over the days high and the last half-an-hours some eratic fall of 100 points seen within 7 mins time and it closed weak.

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The 'Eod' chart above shown, showing the banknifty future is weaken further today from yesterday chart. The today market was quite un-predictable as the F&O closing+the fight between bulls and bears to sustain their 'status quo' it swung on both sides.. it went up and fell down.The SBI was very volatile and Bn acted as per the sbi moves.

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The Nifty today made another low and seems very weak.We need to watch out the 5839 level digilently weather it breaks down or take support and move up!!. The first week, the market may witness more swing as the largest issue ever in indian history 'Coal India" issue is going to open this will bring more money into market as the sellng/buying will be more aggressive in this scrip. I belief it is a very good scrip to hold for a long term beyond 3 years .

Market Done well as per our yesterday pre-market view

We wrote in our pre-market view in yesterday and the market today done exactly the same.It opened below 12380 and selling was seen and came down to 12200level.The days low was 12161 and high was 12397.During the closing short covering took up to 12280 level and closed very weak.The nifty also now in positional sell mode it may slide down further to 5800 level.We expect the banknifty will fall down to 11800 level soon.

As i waa busy in some media interview unable to update in time.....

What we can expect now?

The 9.15 market opening time gave us a good oppurtunity personally i feel it is a very good system that curbs so much of market speculators and the high jump gap ups/downs trap will not be there much as it used to be in the past.

The market perspective now at present is down,as per today closing the market has to slide down further...but the hedge funds may play major role and try to lift it up by gap ups/runnining gaps...it this attempt fails the nifty may take support in 5800+ level and banknifty will be sideways for 2 days till f&o closing.After f&o it may touch 11800 level and chances are bright to bounce back to the previous highs.