“It was a lacklustre day of trading yesterday and early signs off the open this morning calls for another dull morning of trade at-least in the first half.
Coming back to today’s trade, let’s look at an auction above yesterday 5443 to chase longs. Shorts have been ineffective, so we stay with the dominant trend which is actually side-ways, but borderline up.”
Where did you read this in the morning–Go figure.
2 days of a failure to move below 5419 made a move up a possibility.It’s a tape which wanted to go down, but could not find the resources to do it.
Value though has not moved up a lot, so again you know it is the frustrated shorts who covered. I’ll like to see 5443-5447 being tested again tomorrow.
..And the BN.
Auctioned below Value low all the way to yesterday’s lows like the Nifty.It took the entire day to get to the lows, but launched up to the highs again in 90 minutes. That’s always an indication of a strong index, with buyers calling the shots.
But overall value is still lower, so there is supply overhead.Let’s see how it responds to value tomorrow at the open.