Banknifty View For 3.02.2011

The Banknifty now broken down the 400/1334 EMA's gone touched the low of 10470.if tomorrow by chance if it open down to 470 it may fall shrply to 388/222 levels.If open near 540 it may crawl up to 680 level and become choppy.This we wrote in our pre- view.

The Banknifty opened in gap up at 10600 from its previous closing 10493.45 and touched the high of 10640 in opening.We sold in the opening near 10620 and placed buy at 571 it was bought.Today we done 5 trades and almost all were successfully covered without sl hits and made a net gain/profit of 110+ points.

The banknifty was caught in a narrow range for a long time between 10540-590 level we kept waiting and when it gone to 620/30 we sold twice and covered in 585 but the news of Ex-telecom Minister Raja arrest were flashed in tv the market gave up the hope and fell sharply to 500 then slide down to a new days low of10452.The nifty Was Trading near 5500 level and came down to5429 level.

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.

Banknifty View for 2.02.2011

The tomorrow market may seen a fresh bull back rally if nifty sustain well above 5540 level,The banknifty today claimed to 10724 level this may caused due to panic short covering as it again fell down to 520 level and shown some closing jerks and the closing gave no clear cut direction for tomorrow...if, open above 10770 it may act bullish or open down to 10587.

This above one is what we wrote in our yesterday post about today market.The Banknifty opened in gap up at 10700 from its previous day's closing 672, and touched a days high in the opening 720.It acted bullish as Nifty was also opened in 5542 level but it could'nt sustain in this level within 20 mins of market opening it fell down to 10,600 level from there on it was in side ways from 555 to 600 level and didnt give much chance to any buy/sell, then finally fell to 500 level and touched a low of 10470 during market closing.

The Today market was kind of choppy about more then 2 hours in a narrow range. The nifty ,Bn was done its best to move up after a long consolidation where as there were no sufficient buying pressure it could'nt move up.

The Banknifty now broken down the 400/1334 EMA's gone touched the low of 10470.if tomorrow by chance if it open down to 470 it may fall shrply to 388/222 levels.If open near 540 it may crawl up to 680 level and become choppy.The Nifty we need to observe closely as it touched a day high of 5542 and also touched a days low of 5411.It gives a negative signal as it may test its critical support near 5340...!! if broken this level, a deeper correction may occur.So let us hope a bounce up/gap up opening.

Banknifty View for 1.02.2011

The Market gave a shock in the opening as it opened in gap down near the critical support level.The Bn was about 90 points down from its fridays closing.The nifty too almost opened 50 points down in 5475 but we could see only the 445 levels.We did'nt attempt opening call today.Till the mid-after noon the banknifty and nifty were caught in a narrow range. we made conservative trades then latter the BN gave us so many chances for intraday swing trades. we missed many attempts..and done many trades with narrow sl of 7 to 20 points.We were bit aggressive today and done everthing strategically.

The Nifty and BN took a 'U' turn and gave a hope to bulls once again.The Bn touched a days high of 10724 and the low was 10432 and lastly traded in 10660.Nifty also closed better and it can jump either sides.

The tomorrow market may seen a fresh bull back rally if nifty sustain well above 5540 level,The banknifty today claimed to 10724 level this may caused due to panic short covering as it again fell down to 520 level and shown some closing jerks and the closing gave no clear cut direction for tomorrow...if, open above 10770 it may act bullish or open down to 10587. it may be weak and may test the 10388 level.Being a firstday of 'feb' a fresh positional buy/sell may add volume.Do your trades with SL.