BANKNIFTY VIEW FOR 14.01.2011

BANKNIFTY today opened mild gap down at 11110.05 from its previous closing 1153.95.As per our technical levels it was weak and we sold in the opening in 11110 and kept a narrow sl at 117 and that was hit in no time.But again we sold in 11120 and kept our SL bit wider and place a buy in 11023 level and when we saw Banknifty struggeled in 11040 level we covered 50% and balance we kept in 11023 and that was achived in few mins.

In our yesterdays post we wrote>The banknifty is made a high inspite of the weak IIP Data. It fell down very fast and touched a days new low 10725 in no time. when it crossed the 10960 level the panic short covering only took it up to 11100+ levels. As we see there is not much strength to move this high other then this reasons.Our expectation is the banknifty tomorrow trade in side ways and consolidate more for few more sessions.'We went short in 10945 level and holding minimum shorts.we may cover it at 10800 level'. After writting this i happen to surf on net to know the other technical analyst views and many wrote about the banknifty that may touch 11300+ levels.When the market opened and showed a weakness we followed our method of trading and sold again apart from our yesterdays short and covered so soon in 10900 level as considering the safety first.Because many were in long and we are the only people, i think who were in short.

The banknifty was touched all our predicted down levels and touched a days new low 10680 during the last hours.Lastly traded in 10765.The low to high difference was about 464 points.Today the trend was one side- i.e, down slide.We actually we missed a golden chance as we are the one sold near the days high and covered soon when we saw 70+points and we again sold and made 48 points and attempts 3 more and sl was hit for about 10-17 points.

The tomorrow banknifty may open in mild gap up near 10720 levels. if, sustain above 700 level it can claim upto 10900. if, failed in this and open below 10680 it will be weak and slide down to 10,340 levels.The spot Bn is closed below the 200DMA,that is a sign of weakness.One can go short in banknifty near 10900 and keeping 947 as SL.The Nifty touched a days low of 5736 it is still in a range bound.one can initiate/consider going long near 5700 keeping 685/715 as SL and expect it move near 810 levels for a exit.