What a day!
What a trend day !
I’ve seen a lot of trend days, but very few which close above R4. This day joins the elite list of days which close above R2. They represent only 3 % of the days in the trading calendar.
So we had an open outside value, outside of range and the first 40 minutes told us that we would see a trend day today.
You cannot expect to see a more potent combination for directional bias, after two range bound days.
The market justified the significance of the open in the buyer activity which followed.
Thereafter it was just a case of holding on to the longs and not attempting any shorts.
We knew that the trend day would take care of all intra resistance including pivot points and the seller at 5550.
” No target is too big for a trend day “.
Let’s look at the Bank Nifty.
Shai had mentioned in the weekly report on Saturday, how the Bank Nifty would have new momentum above 11039.
The high of the day was 200 points above that.
For tomorrow, the first hour of the day will be crucial.