30/11/11

Nifty :

Nifty Mp101 30/11/11

I don’t have a lot to say today, so I’ll make this short.

We had another neutral day marked by a failed auction at 4885 today. A failed auction is visited between 1-5 sessions after the event.There was evidence of longer TF buyers and sellers who each tried to move the market today.

BankNifty :

Bn Mp9 30/11/11

The BankNifty failed auction was at 8850. More importantly it showed as the market’s failure to take out an old selling level which has bearish implications.

The banknifty still holds the key to what the NF will do and we consider it to be a lead indicator. We’ll watch the BN  at FA highs again to see if there is a change developing when it gets there next.