After a strong upmove yesterday, the Nifty rested trading control intraday between buyers and sellers.
It been a 100 point move from yesterday’s lows to today’s highs, and the pause was called for.
We expected it as it was a “2i” day, where generally the highs are made in the first two hours of trading.
What is standing out from the above chart is the action of today n yesterday forming a mirror image of the action on the 18th and the 19th.Notice the two rectangles on the charts.
So we saw similar moves from the same levels with a close at approximately the same points.What’s different is that even though we had a balanced profile, today’s action came back to test that supply point of 5465-5485. If held in tomorrow’s trade, then the market has a high probability to jump higher from here.
In the bank Nifty we are watching for the 80 % rule to kick in tomorrow.
We’ll know tomorrow.