Banknifty View For 28.01.2011

In our view the banknifty tomorrow may open in gap down and become choppy/sideways.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. This what we wrote in our yesterdays post.The Banknifty opened in gap up and fell down.As expected the below 920 level it was weak as more selling pressures was seen.

Today the Bnaknifty Opened in 10955 from its previous closing 10912 and gone upto 11011(Feb-Future).We sold in the opening around 10980 and covered in 10940 again sold and bought.When we sold the 3 time near 10845 we gave a target of 810/764 when it stuck in 810 level we covered short and it fell down again sharply to 10699(day's low)Today we made about 100 points without much struggle.Our positional clients made nearly 250 points.Many our intraday clients followed our range of target/sl and done multible trade.We made good gain without SL hits.

Last weak when the banknifty high jump near 11250 level we took a positional shorts and was holding till date.today partially we covered in 764 level.We were writting there were many running gaps shown and the 'Island of reversal" must happen and fill all this gaps.Today the 10699 level is such an attempt only.The banknifty is still weak and may go down further after trading another 2/3 sessions in 10600-740 level.The Nifty today was very weak as huge selling was seen in all levels.Its seem Nifty may still go down and test the low level supports near 5340 levels.