Nifty : We had another neutral day in the markets today with both buyers and sellers of the longer time frame trying to move the market their way.There was no resolution as the market finished at the day’s dpoc or the fairest price where business was conducted.
Off a neutral day we expect the market to determine direction by making an exit of value and moving out of the day’s range. The Point of interest would be the high volume node at 4848 which if crossed would signal an all clear short term bias for the buyers. On the downside Tuesday’s open drive level of 4732 and volumes at 4742 will be watched for a possible close of the markets for the first time below the 4700 level.
As mentioned on Monday a close below 4783 opens the roads to 4660 and then 4536.
The BankNifty also had a neutral day which did not manage to get over the high volume POC of 12/12 at 8680.
Value and DPOC moved higher which is a slight positive and should mark a change of trend for the index.
However only a strong move above 8861 can confirm the same tomorrow.