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.