What will be the next move in Banknifty Future?

The market opened today above the friday closing and failed to sutain in 11030+ levels and the opening punch low was shown @ 10950.(Trading was not seen) The banknifty many time attempt's to break down the day's low, but was struck near the 10960 level and the SBI,Icici,Axis was shown weakness and the afternoon all these scripts rose and lifted banknifty to 11,100 levels.

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The banknifty was weak about 4 hours and was down to the 400 ema and a certain uplift seen due to some news about the banks.The narrow or sideways trend may continue on the coming sessions.It will be strong if the Sbi move to 3000 levels in that case the banknifty may touch 11300 level and expected to halt and reverse from there to 10600 levels.The banknifty now weak if,it move down below 10866 levels and may turn positional sell.

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Today we gave a free buy calls for our clients - 'Bank of India' and 'State bank of Travangore' and both the targets were achived 30,100 points respectively.

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The nifty seems to caught in a cage of two walls between 10 to 40 points and was not yet strong to move beyond the 5600 levels. At this level on can go short with Sl@5552 . I also wish not to take fresh longs in these two index's. if so, sqaure within intraday and do all your trade with strict stoploss.

HAPPY ONAM

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Banknifty Attained 11,000 Effortlessly

The banknifty today opened near 10880 and from there are slowely moved ahead to 10970 levels and sustained there for a longer time and in the after noon session it rose from 995 to 11110 levels in one stroke.From the morning on wards the stockastics was screaming in over bought zone,but still there were no sign of coming down when Sbi & Axis bank moved down about 20 points.As we wrote in our yesterday post the banknifty has strength to attain 11150 and almost it reached the level near to it.

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The icici bank was bullish today and gone beyond 1000 levels.The nifty is sustained above 5500 level and the day low was 5504 and high was 535 level in 30 points it moved up and down and finding difficult to cross the 540 levels.but it is now not shown any weakness yet.

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What we can expect from here?

We are expecting a reversal in banknifty or atleast it will not move fast like the way it was.It may trade in side ways and the profit booking will take place...may be on the coming weeks a fresh sell is expected..but the F&O closing is nearing the short covering may also be there.Now the time is to stay away...or do all your intraday trading with strict stoploss.

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The positional trader can go short in 'Aug' future and if they can hold short for about 1-3 months can make better yield for their inestments.

World Market Update @10.20pm

The FTSE closed~~~ -1.73% down and the whole Europe is in red

The Dow and Nasdag is also trading in red -1.5%