Heading into the open of today, we had a 3I day as a background.
The early morning inventory was short and the market wasted little time in getting near the level of 5435 mentioned in the weekend post.Incidentally the low of today (5438) was last seen on the 1st of September last year.
Once the seller was neutralized, the only message from the market we were looking at was strength above 5484 and movement at the previous day’s Point of Control.
There was responsive selling at the POC, but further buying later in the session turned it into a profitable day for the bulls.
Tomorrow morning the market will look for 5504 to protect the buying after which we can once again see 5549 and then 5580 and hopefully the big 5625.
In the BankNifty the poor lows mentioned at 10530 were broken to the downside and the lows from 14/ 1 and 17/ 1 were re-visited before the BankNiftyy made a reversal and closed higher at 10660.
Strength above 10740-10760 will put a revisit of 10900 back on the cards.