BANKNIFTY VIEW FOR 7-6-2011

The market opened weak today and the banknifty touched the dya's low of 10650 and traded in a narrow zone more than 3 hours and nifty came down to 5475 as expected and bounced to the days high 5546.

Today the market sentiment was negative and during the last half an hour the market done the complete 'U' Turn and rose to the new days high.The Bn shown a days high of 10861 and it was caused due to panic short covering and huge Positional Sl hits.The BN was not able to trade above 850 level and it also came down to 813 level and lastly traded in 10839.

We still feel this rally is a kind of phony the decline of NSe scrips ratio is more and there is still dilema for fresh buy even among investors.The Nifty now may trade in wide range from 5440 to -580 level.The Banknifty will again fall down and touch 10620 level..if it break down this it slide down to 10340 level.we do expect once again a gap down opening tomorrow..I would not suggest any fresh long in nifty as well as banknifty .

Banknifty view for monday

The Banknifty last 2 days showing weakness.Yesterday it opened in gap down about 100 points and today it struggle to cross 10950 level and also not broken down the 10680 level.Monday it may open down to 10680 means the Bn will fall down to 10270 level.if open above 10940 a side ways trend will be there for few days.Today we made only 2 tardes and made 39+47 points without sl hit and also covered yesterday stbt today and made another 77 points in it.

Today we gave nifty positinal short exactly at day's high at 5608 and gave a target of 5510 and the day low was exactly 5509.80.We were really thrilled as nifty was going high after high and we sold in days high and bought at days low and made about 100 points many our Banknifty client we gave it free all of them really stunned by our performance.

The nifty and banknifty may continue it weakness on monday and the bn is strong only above 10922 level and the nifty is above 5552 may gather intraday strength...overall the sentiments are neagtive the nifty may go down agin to 5440 level,

Banknifty View for 2.6.2011

The banknifty today opened in marginal gap up and showed weakness it fell down to day low of 10851 and during market closing it jumped up to 10955 level.The opening it showed the punch of 10984 but trading was not seen.in 10920 level it was trading for longer time and the end it showed the exhaustion gap up.Actually the day was very choopy.

The Nifty was touched a day low at 5545 and during closing it jumped to 5592 level and marked a days high of 5594.The nifty now has strong hurdles in 5605 tomorrow one can go short if nifty open down to 5580 and your SAR must be at 5612.The Banknifty is in my view weak and expected a due fall any moment.Technically it can claimp up to 11080 level as per todays closing.Today the panic short covering only took it up...so one can avoid fresh long at this level.