Banknifty View For 26.05.2011

The Banknifty today shown great weakness inspite of that it was somehow held well in 10380 level for longer time and due to the stoploss that was build seems to hitted many time and banknifty could touch the days high at 10439 level.We made swing trade between 10380 to 420 as it gave multible choices to trade.

The nifty was weak the whole day and touched a low of 5328 where us the banknifty was not broke down the days low 10350.We belive the nifty now has bottom at 5170 level and SBI broke down the 2200 level and that may lead the Bn further down.

The tomorrow we are facing F&O closing and the market is expected to bounce upto 10440 level and Nifty can go upto 5400 level.

Banknifty View for 25.05.2011

The Banknifty today touched a day high of 10521 as i wrote in our yesterday's postit can claim upto 10600 level.It showed a opening punch low at 10330 and that was remaining the days low all day.It traded down upto 10354 level.Today we have followed our own IRM Trading plan and made good gain without sl hit.We sold in every peak and covered at every low.Intraday Banknifty gain we made today was 42+28+36+44 points.

Today Nifty gave little hope as it gone to the days high of 5417 but unable to sustain as it slides down and touched a days low of 5360 when Bn was moving up.The Nifty may weaken further down to 5160 level very soon.The Bn may claim up tomorrow as SBI is in its new year low and expected a bounce in sbi upto 2300+ level and Bn may lead a pseudo up move for the time being like today it gone to 10521 level.One can go short at higher level.If Banknifty open above 10460 avoid short.below it just try short for a 100 points down move.

Trading is an art.
One need to float on the surface never ever sink in the water.it need skill to surf on top of ocean waves. Do not carry your prejudice and expect market to follow you,rather you follow market along with it pulse and surely one can win.

Banknifty View for 24.05.2011

The Banknifty friday gne up to 10744 level and left so many running gaps in between and closed at 10666 and today it opened in gap down at 10588.80 and no time it fell don to 10550 level.We gave a sell call at 10550 and many our clients could only sell at 10545 and we gave a narrow sl at 556 and target of 432.During 480 it stood longer time we covered fully and gained a profit of 65 points in the opening.

In 10380 level it stood sideways/standstill and we initiated long and near 390 we exited as the closing was very choppy and selling pressure was seen.The Banknifty gone to the peak of 10744 in friday and today at last during market closing it fell down to the days low of 10330.In 2 days it gave up nearly 400 points as the nifty broke down the critical support of 5393 and gone to the days low 5364.

The weakness of banknifty and Nifty is caused mainly by SBI and the global cue's.We belief the SBI may bounce up from 2220 level very soon and that may take up banknifty to 10600+ level.Overall the market sentiments among traders is negative.The Nifty move above 5460 level only can give the bulls some hope.