Good Morning All.
We had a good session of trade yesterday. Have a look at the charts as they stood yesterday EOD.
First the Bank Nifty.
We were watching for sellers to be active in the index ‘cos of the P shaped profile on the weekly developed over the weekend.
We were also watching value areas to see who would establish control. The post over the weekend can be referred to here.
Certainly the BNF was very strong on Monday. It moved swifty over value high and continued upwards to 10500.I’ve noticed a pattern of up/down values in the chart marked by the numbers. If the pattern plays out again, then value should be established lower again today.
10473 is the ref line for the BNF today.
Let’s look at the Nifty now.
Again up/down values.
5486 at the top and 5459 below are ref lines.
Have a good day.