Nifty : The above charts is a consolidated profile chart of the NF post the fall from last Friday.
The actions shows the NF movement of the past 2 days within a range of 4633 and 4637 which it hit today.In the process the market violated the FA point of 4662 which is a bearish development.We now look for a period of imbalance or a trend type move coming from this 2 day balance profile. The exit of value and range would be the best trading opportunities with ref lines at 4537 and 4633.
4633 was the lows of last series and swing lows for most of the year and 4536 is PS1 for the current series. PS2 at 4413 becomes the obvious target for the swing below PS1.
BankNifty :
The BN is showing long liquidation for the past 2 sessions.There is evidence of a small buying tails at the lows of today’s session.7870 and 7765 showed large volumes in this index today.
