Banknifty View For 15.02.2011

The Banknifty today opened in wide gap up,although its punched 10505 the opening trading was seen above 10580 level.From its opening it sustained well and moved slowley towards up&up and touched a new days high at 10809 during the market closing.On the other hand, in a similar way the Nifty was very strong and touched a day high of 5467 from the 5346 opening level(136 points from low to high)The BN moved one direction about 300 points from its today opening.

.Lets See the last 2 days Move of Banknifty:-

The friday The banknifty opened in 10100 and day low was 10080 today it touched a day high was 10809.

.Within 2 days it gone up about 730 points.

why this certain 'U'turn and what made the market stronger all of certain?

Doosra is a delivery used by off spin bowler to deceive a batsman.
In fact it is the delivery to confuse the batsman where the ball spins from the leg side to the off side.

On Friday, the market reacted as per our expectation and we think that it is a technical bounce back. Hence the present market condition may be termed as the Doosra and if you get in to it you may be bowled out by the bears.

.What to expect from the market now?
The up move may continue but the nifty may find it difficult to cross 5500. Bears may take control of the market shortly and the present rally is called a relief rally which could fizzle out anytime. It is the time to wait and watch the nifty levels rather than to buy anything.

.The Nifty now moved beyond 5440 and sustained well above this level and Bn is well sustained above 10770 level.If tomorrow open above these level it move another high to test te chaneel resitances and Nifty has so many urdle on the up move.We do not suggest fresh long at this level as stated above this is a relief rally we need to consider the nifty move above 5650 is seems to a really rally confirmation.The BN will face hurdle now in 10830 level.