The real action today was in the Bank Nifty index with the RBI rate decision controlling tape movement before 11.30 literally.
But first let’s have a look at the Nifty.
A choppy day within the 5408-5465 zone or neutral land.
Value slipped a bit lower today, only a tad and once again we saw the seller emerge at 5460. But a test of 5411 was bought and took the market all the way to 5460.
We maintain that we will be bearish only when 5408-5411 is taken out on volumes, but the upward momentum will return only when 5465 is taken out. Incidentally profile gave us this level first on July 23 right here in this post. Till then let’s play this bracket.
Here is also a chart of the consolidated profile for this expiry :
5382 is what shows up as the POC and should be defended in the next two days.
For the Bank Nifty lovers, here is a chart of the profile today :
The larger value area shows the presence of larger TF participants. Notice the bounce from 9940 levels which itself is got a lot a value region lows.There will be good trade opportunities on this chart tomorrow.
