Banknifty view for 4.5.2011

We wrote the follows in yesterdays preview...

Today we have not seen much positional short covering in Banknifty and Nifty. So we expect the Nifty future may go down to 5700 level and may take support in 5640 level and can bounce back.The Banknifty today touched a days low of 11229.If tomorrow breakdown todays low it slide down to 11110 level.

The banknifty today opening shown a punch of 11588.80 but not seen trading in that level.It was only traded in 11350 level.it was unable to cross the 11380 level.The opening was remained as days high.The Bulls now have hope only above 11620 level.Below it do not remain in long.

The banknifty today opened in gap down@11224.75 and gone to the days high 11380 level.From 11260 to 320 and 340 to 380 there were running gaps and we saw the uptrend was shallow and sold neart the days high 11370 level.In less than 20 seconds it fell down from11380 to 11290 level and in the afternoon session the banknifty witnessed a steep fall from 11250 level to 11110 level.There on it remained weak and was seen so much panic selling and brought it down to the days low of 10866.00 level. and lastly traded near 10930 level.From the days high to days low is 514 points.It fulled many people technically as it crossed the high after high and many would have bough it as per technicals and in no time gave up all its gain and not allowed any one to make decision before they blink their eys fell sharply down.As a tips provider we made all our clients to gain. In Banknifty net intraday gain+88+42 +33 +48+26-19+21 points.

We gave a caution in the morning to all our clients do not go long below 11382.short at every high..the day high was just 380.

TOMORROW We expect a bounce in nifty and Banknifty.There were many gaps left in nifty and banknifty was filled in both these index's and now it has to raise slowely as no gaps is left.The nifty has to move above 5710 for a revrsal.The Bn has to atleast go above 11234 level.Then only it attract fresh buy.So above these level one can consider long or the market may remain choppy and sideways.

The first chart is banknifty intraday and 2nd one is 5-days chart.

Banknifty View for 3.05.2011

Last few days due to my outstation trip i was not able to update the blog.Kindly ignore and extend your usuall co-operation.

The Banknifty is weak day by day from the last week high around 11900 to 11229 level.We sold the banknifty in 11810 last week and covered today at 11300 level and gained about 500 points in a weeks time.The last few days the Nifty and BN consistently falling and stand still in every level and trading sideways without any gap.Today we have not seen much psoitional short covering in Banknifty and Nifty so we expect the Nifty future may go down to 5700 level and may take support in 5640 level and can bounce back.The Banknifty today touched a days low of 11229.If tomorrow breakdown todays low it slide down to 11110 level.

The banknifty today opening shown a punch of 11588.80 but not seen trading in that level.It was only traded in 11350 level.it was unable to cross the 11380 level.The opening was remained as days high.The Bulls now have hope only above 11620 level.Below it do not remain in long.

Banknifty view for 27-04-2011

We wrote in our pre-view about today market in yesterday's post:-

In the above 2 charts we have 1 is intraday and the 2 is the week chart(5-days).In the 5-days chart the Bn shown few gaps left unfilled.This week it will try to fill this gap before it move up firmly.It actully zoomed up from 11620 level with so many running gaps.Mainly in 630-8- and 780-840.If the Bn break todays low's 11890 tomorrow it may slide down to 11730 level.Above 12020 it can claim upto 12180 level but the nifty now face hurdle in 5940 level.So one can go short in nifty with sl at 940 and Bn with sl at 12032 level if the opening is near 11940 level nifty in below 5920 level.

The Banknifty opened in 11920 and gone to 11923 and fell down to the days low of 11723 and from 11780 it completely done a 'U'- Turn and gone to the day high of 11939.We gave 11940 as sl.in our post and it exactly stopped there.Lastly Bn traded in 11890 level.We see still the weakness in Banknifty as per our parameters/indicators.

The yesterday's scenario remain almost same as far as the Banknifty tomorrow is concerned.The banknifty during the market closing runned up with running gaps.Shockingly the Nifty today shown a punch at 5391.Don't know how it happened.Some technical system error would have been there.The Nifty came down actually to 5825 level traded well and zoomed up to 5907 days high during market closing.

Today we made 48+30+30-16 points gain in banknifty intraday.