Nifty : We had a neutral day on friday and as I have mentioned several times on this blog before, the day following a neutral day tends to become a trend day in a large majority of cases as one party gives way and the other party dominates.
An exit of value and range would have put you on the path to handsome gains in the markets today.
The day was an open drive off the morning’s open and the failure of the buyer of friday to stand up again at 4860 as he did on friday resulted in a close at the lower ends of the day or about a 145 points off the open.
There was evidence of large volumes at 4847 gain today, which could be the liquidation of the buyer from friday off 4860.
The profile is irregular with a large distribution at 4810 where the market spend considerable time. We may see this point being visited and tested.
From the composite profile dated 28/11, support comes at 4747 and then the HVN at 4713. Any move higher towards 4840 will be an opportunity to re-sell into the market.Another close below 4783 tomorrow will drive the market to 4660 and then 4536.
The bank Nifty had an Ir-regular profile and a close at the lows.Large volumes were seen at 8741 and 8616.