I am surprised to see the ES trade around 1052 level currently down 20 points from the time of my last post. The weakness seems to have been in the energy sector with the finger pointing done at BP yesterday !!
Back to our markets, the price points which I have mentioned so frequently continue. So we have a seller at the top near 5055-5065 and a buyer below at 4955-4945. Something has got to give!
The value areas for today are 5015-4990-4967 for the Nifty and the bank Nifty they are 9190-9145-9100.
Buyers have managed to push the Nifty up 20 points above Value high at 5035 which is the high of the day so far.
Even though the tape is bullish thus far, I personally expected a bit more from the buying camp.That and the known presence of the seller around the 5050 mark, makes this an extremely tricky market to trade.
Within that we may see 4975-5065 today.