The short covering which was evident in yesterday’s profile didn’t turn out as expected and the markets slid strongly below yesterday’s lows, rejecting the profile from yesterday and reaching 6083 levels.
It was a day in control of the seller right from 6140 levels to 6083 NF, near the point where the previous buyer had showed up and marked out in the weekend charts.
However hesitation again at 6124 levels on the bounce may call for a revisit to thatzone tomorrw.
Watch 6124 for action tomorrow.
In the bank Nifty we saw a move down below the important 12470 level only to reverse in trading later in the session.Together with 12540 and 12635, it will be an important level to watch.