Chart above shows the various day types in the bankNifty spot based on daily closing prices.
NVAR is normal variation, Neut is neutral day, Neux is neutral extreme and NORM is normal day.
We had a trend day in the markets yesterday and a neutral extreme day today.
The neutral extreme day is a strong signal indicator for the next day's session.
In the case of tomorrow, an open and an IB below today's low is a strong sell signal and has the potential in this case to tap the upper end of the neutral extreme day on 30th November or the bottom of the neutral extreme on 6th dec.
The region marked on the chart would be 12140- 12170 spot prices.