Banknifty View for 13.07.2011

"The Bank nifty now may slide down to 10980 level below this it can slide to the earlier start 10600 level.It can attract fresh buying above 11392 below it looks bearish only and may correct some more downwards towards 10,980 level.The US Market trading in red as of now.The market we expect open in gap down tomorrow."

This above we wrote in yesterday's post -The market preview of today..what we have foreseen same thing happened today the banknifty opened in gap down and touched the days low 10975.We stated it can fall down to 10980 level.How is it?

The banknifty jumped up after the news of IIP flashed in media.It went to the days high of 11170 and filled the opening gaps and fell back again down and broken the earlier days low 10995 to 975 level.Today to we made to attempts in Bn and made good gain in intra day.The Nifty we have positional short (made near the high 5750 level) and still holding positional short in both these index's

The Nifty below 5555 its very weak,so this support once broken the nifty fell down to the days low of 5502.The nifty failed to sustain above 5605 level and tomorrow it may move sideways again and may consolidate few more days.Below 5427 level major fall can occur.

When the market touched 5760 all Technical Analyst predicted the market will go to 5900+ level.We are the Only people who wrote,.... 'We skipped longs as we are not comfortable in remaining in long as the market looks to us it will fall.'

Now The market back to square one as per our prediction.

Banknifty view for 12.07.2011

Today in the opening we sold bank nifty near 11290.The high was seen only in the opening at 11295.Once sold we gave a buy target at 11,177 and that was achieved and the bn gone below to the target and made a days low of 11121.We wrote in our Friday preview go short in banknifty if it open below 11392 level and the target we gave was 11177 and that was done.The nifty when touched 5760 level we wrote in our blog we skipped long though its sound technically bullish but our experience showed this rally may crack and that made us to short in nifty and today it is down almost 160 points that is the notional gain all our positional client's made as of today.

Today we also sold in nifty and bought and when nifty touched 5605 we gone long and exited near 621.We sold SBI fresh near 2470 and bought the same in 2436 level.

Today market almost moved one side that was DOWN. it didn't give us a 2nd chance technically for a buy and sell.So, the opening short that gave a profit of 100+ points after wards we kept away.

Today the surprise thing, we noticed is ,the Nifty exactly touched the days low of 5605 and that was a earlier resistance.The market was found very difficult to break away this hurdle.So this give a little hope may be the Nifty take support from this and claim back to 655 level and consolidate again.if Nifty fail this time in its claim up to the ladder it can face the worst below 5427 level.It may witness the true correction.

The Bank nifty now may slide down to 10980 level below this it can slide to the earlier start 10600 level.It can attract fresh buying above 11392 below it looks bearish only and may correct some more downwards towards 10,980 level.The US Market trading in red as of now.The market we expect open in gap down tomorrow.

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Banknifty view for MONDAY

Today the market witnessed a huge selling pressure after a hesitant gap up opening.We just booked profit in our yesterday long in banknifty and also sold Nifty fresh near 5750 and covered the same near 680 level.We have made good day trading in Nifty,banknifty.When Bn touched first time low near 11390 we bought and exited in 330 and also fresh sold in 11330 in the after noon session and gave a buy target of 334 and that was archived.many our clients we advised to cover near 370 level.Over all our baskets were full.

In yesterday post, we stated , we have skipped remaining long in nifty however it seems bullish.Today it witnessed a huge selling and from the opening high 5760 to days low of 5661.Many readers mailed us ,Are you not bullish in Nifty??? after reading the post.Today the market proved our preview clearly.

The Sbi also, We gave sell calls in every high and it was manipulated and gone from 2460 to the high of 2525 and fell back to 2480 level.Many new bee's those come to market without having proper knowledge to the market,the market swipe the capital itself if they get caught on the wrong side.We have a different approach as the market gave a good lessons year after year and that only made us to guide& lead our clients better.

If the Nifty trade below 5672/703 dont attempt longs in nifty.it can fall back to 5616 level.the 616 and 605 act now a support.below that it can slide down to 5555 level.The Bn now weak below 11392 and today it touched the days low of 300 and lastly traded in 11320 level. One can go short with Sl at 11412 and expect a target of 11,117 level.

The rest view will be updated in sunday night..

Happy week end to all