Banknifty View For 8.02.2011

The banknifty and Nifty today gave little hope for the bulls as it openend in mild gap up and traded in a tunnel range.We sold and covered twice and gained during the opening about 60 points.The Bn was well traded between 10460 t0 420 level well and we traded many times.When we sold the 3rd time we sold and kept sl double buy at 472.Also place buy for short at 343 level as we were insisted to all our clients this level will be touched today...But market done the other way it went up and our sl-double buy was bought and we sold the same in 10510..it touched a day high of 10514.35 level and fell sharply down from that level in a short while as it indicates so much of manypulation and done a new days low of 10341.30.Many our clients sold while falling and bought exatly in the days low >10,343 level.

The Nifty was strong enough and shown too many whipsaw's moves in side ways and it also breakaway the critical day ressistance 5420 and touched 5444.50 and fell down to new day low of 5370.10 and lastly traded in 5405.The nifty gave so many pause/consolidation...and shoot up to 30 points in no time and failed in holding itself in higher levels...the spot index's also trades in premium..all it shows the future of nifty&Banknifty at present has so much selling pressure that may push the index further down.

In our View the banknifty possibly open in gap up and sustain above 10,440 level may lead it to a 10580/620 levels.If open or go's down by chance below 10343 it attracts more selling pressure and the bulls will have no hope there on!!! it may slide down to 9970 level.So trade with proper SL.The Nifty today some how retained above 5340 level..down to it a minor/major correction may occur.