Banknifty View for 27.01.2011

The Banknifty Shown today opening punch in 11241 but not seen this level.It was traded in 111780 level we sold in the opening and place buy at 11133.00 and we covered in 11140 after wards our target was achived.We made three conservative attempts and made 112 points net profit without single SL- hits inspite of today market eratic movements.Intrstingly many of our intraday clients made around 250 points today with our guidance.When it gone to 11290 level we guided to sell at peaks and bought it 11088 level.

The Banknifty shown today a high eratic move from 1120 to 1294 in less than 5 mins and fell about 300 points in no time.Luckily we did'nt have any position in that time.We had our old shorts and covered the same in 10920 level today after seeing about 250+points gain in our positional shorts.

"We do expect lot of profit booking may come and by chance slips below 920 it may add much selling pressure.The Nifty now has so many hurdle/Resistance on its up move so may be logged in narrow range.we have noticed there were so many running gaps and that too the friday market was terrific.We have our technical views that the banknifty may be weak after the tomorrow RBI credit policy will be announced due to various facts,You can view in our face book last post.Even today the lifting may be caused by that." This we wrote in yesterday market pre-view.Today the banknifty slipped down to 10920 level and touched a low of 10887 and lastly traded in 10905.The RBI police announcement caused really a high jump&low jump moves in today market.

In our view the 27th the market will be choppy/down way trend as the F&o closing on 27th.The roll over and profit/short covering will be there.The Banknifty was in overbought situation and it has so many hurdle in its up move at present.The Nifty today touched 5795.80 but failed to cross the 800 level as it is a strong resistance now.The nifty fell sharply to a days low of 5676 level and it may take support in 630 level again and trade side ways.One can avoid short in 700 level and consider going long in 630 level with 605 as SL.