We had an inside day in the markets today with the Nifty and the Bank Nifty, holding on to the gains from day before.
This market has been strong since the break to the upside of the 5485 region which we had identified realer as a seller’s zone.
Have a look at the charts :
The Nifty stayed well above value area low even today after a strong showing yesterday.
We have a bit of selling to overcome at 5535 before it moves up again to 5560-5585.
Value areas will be in play in the Nifty especially after the activity today.
Let’s look at the BN.
A perfect inside day and the weakness of the afternoon was controlled near the 10980 region which was the point at which the big buyer showed up yesterday afternoon.
We’ve been discussing the strength in this index and the fact that there has been no weakness evident.A close below VAL will be the first sign of a fall in the daily or a trend change will be below 10800 levels, still 200 points below.
Till then it is a buy on dips.
I will put up some weekly charts over the weekend.
