Banknifty View for 4-3-2011

The Banknifty today opened in gap down from its previuos closing from 10916 to 10849 and the opening low punched was 10791.It was traded in 870 level and came down to 800 level and in the after noon it jumped to 11120 in no time by its high jump gap and it was not traded well in 11040 plus level and fell sharply down after a while and touced a days low of 10782.65.The 777 level was today we predicted a critical support as per our parameter and it took sup 4 points above it and zoomed again to 11020 level and fell down again to 10820 level.WE sold 4 times and Net gain In Banknifty Intraday was > 62+43+47-18= 134 points.When we sold in 11010 level and gave a target of 10823 and it was achived but only few could enjoy this fruit and other conservative traders we asked them to cover in 10960 level.

The Nifty was today well held by the banks as it opened in 5506 and went up t the days high of 5597 and fell down to a days low of 5477 and during closing it went up to 540 level.

The banknifty was moved up from monday and made a gaps in 10443 to 560 level and in between there are few gaps still unfilled and a move down to 10777 level will drag it down well below 10330 level.We wish not to take fresk long unless nifty cross the 5640+ level.The Gulf region the crisis may become seviour and that make the crude oil to jump up and the US economy may be imapact soon or latter.It is a right time to off load the stocks in US market as it trades near the year high.If nifty can move above 5720 this time a bright chances remain open our market may go new high and also need to remember if fall below 5320 the correction will occur.

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The Global outlook is still looking shallow and the dollar fall make a mess within the month of June-2011.Dont go long in dollar.