The open in the Bank Nifty was below Value low and the selling continued throughout the day. In the process the Bank Nifty closed below the weekly values too.
The purple dotted is value area low from yesterday and the large red PNF candle at 9.30 confirmed seller intentions.The initiative selling continued throughout the day and every rise was used to send the index even lower.Buying attempts at 11370 and 11300 were quickly decimated and the day belonged to the sellers by a margin !
For tomorrow as the market waits for the RBI news, it will be interesting to see responsive activity coming from buyers if there is an early morning sell off again.
The Nifty chart showed the presence of a buyer at 5925 levels.But once he was taken off it was difficult for the buyers to capture that level again.Prices however did make it to 5955 which was the previous days Point of Control as also the high of the day.
5868-5863 hold the key in the Nifty tomorrow.