Banknifty view for MONDAY

Today the market witnessed a huge selling pressure after a hesitant gap up opening.We just booked profit in our yesterday long in banknifty and also sold Nifty fresh near 5750 and covered the same near 680 level.We have made good day trading in Nifty,banknifty.When Bn touched first time low near 11390 we bought and exited in 330 and also fresh sold in 11330 in the after noon session and gave a buy target of 334 and that was archived.many our clients we advised to cover near 370 level.Over all our baskets were full.

In yesterday post, we stated , we have skipped remaining long in nifty however it seems bullish.Today it witnessed a huge selling and from the opening high 5760 to days low of 5661.Many readers mailed us ,Are you not bullish in Nifty??? after reading the post.Today the market proved our preview clearly.

The Sbi also, We gave sell calls in every high and it was manipulated and gone from 2460 to the high of 2525 and fell back to 2480 level.Many new bee's those come to market without having proper knowledge to the market,the market swipe the capital itself if they get caught on the wrong side.We have a different approach as the market gave a good lessons year after year and that only made us to guide& lead our clients better.

If the Nifty trade below 5672/703 dont attempt longs in nifty.it can fall back to 5616 level.the 616 and 605 act now a support.below that it can slide down to 5555 level.The Bn now weak below 11392 and today it touched the days low of 300 and lastly traded in 11320 level. One can go short with Sl at 11412 and expect a target of 11,117 level.

The rest view will be updated in sunday night..

Happy week end to all

Banknifty View for 8.7.2011

Today the Nifty& Banknifty crossed the 200DMA together.The BN were able to cross the 200 DMA the other day but NIFTY was not and today both were jumped up beyond 200DMA during market closing.The Banknifty opened in gap down at 11335 from yesterdays closing11317 and went down to the days low.We sold Bn in opening around 310 and covered in near 270 exactly near days low we were expecting the target of 262 but due to the Nifty strength we covered short. We also covered Nifty short near 5650 that was sold near 5680&710 level and when nifty crossed the hurdle 5668 we bought Nifty and sold the same in 720 level.After we sold the Nifty crossed 200DMA but we skipped fresh longs and made our position nil.

We made 3 attempts in Bn and 2 was successful and 3rd attempt of short near 420 SAR was triggered and we sold one long near 492 and remaining one long we just keeping as today both these index's jumped&closed above 200 DMA.Not just that the 'NSE ADVANCES : 986;NSE DECLINES : 420' this Ratio also seems to be good.

The Tomorrow if banknifty go down below 11388 the weakness may prevail and nifty seems to have strong support in 5616 many days this support held well and the nifty made good consolidation and that only made nifty to jump up from days low 641 to 745 level within a day.Now the nifty has minour support in 5672 level.

We need to observe the follow up price action/range to remain in long in Nifty because it just crossed the 6700 level after a great struggle.So we just kept aside our self from fresh long...once a convincing follow ups is seen than we may take positional or it is better to do intraday trading.

Banknifty view for 7.7.2011

The banknifty and nifty showed weakness as we stated in our yesterday post.Both these index's today opened in mild gap down and shown weakness there on.The Bn touched a days high of 11444 and fell down to days low of 11281.We sold bn today at 11430 and 50% covered in 360 and balance 50% covered in-11332 level.Again we bought it in 325 and sold the same in 11370 level.So ,the intraday we made a net gain of 110 + points.Today the market gave a kind of indication for intraday trading unlike the last few days market shown a lackluster trade.

We sold Nifty positional short twice in 720+ 680 levels and not yet covered the short.
Intraday we made about 35 points in Nifty.We were mentioned the nifty may have resistance at 668, today it touched a days high of 5667.50.The support we said was 6616 and today nifty made exact low at 617.50 and shot up.The Nifty today was held well between this level where as the banknifty shown clear weakness as it broken down the 350 support and gone to 281 level.This happened due to today weakness in SBI.TheNifty was moved like a snail and on the coming session it may slide down to 555 level.The Bn now has support in 10912 and 11168 level breaking down these level bring down bn to 10800 level.

The banknifty is having selling pressure in 11430 level and the selling pressure is shallow and it could only brought down the price very little.This may be caused due to the FII's inflow.Today the FII's net buy seems very less about 220 crores compare to the past 10 days (Used to buy above 700-900 crores).

Today the hot news is the Textile minister Dayanidhi Maran whose involvement in the spectrum case, the cbi filled a case in SC and the opposition want the PM to drop him.The Murali Deora offered his resignation already...What next?? My crictic says there is a thread on the political front.