The value area rule should come to play today, for all of you 80% rule lovers.
Value area for today :
Short below 5217 for 5194/ 5174.
Chances are as good as 80 % if we get to 5217 by/ before 10.30. SL 5236.
Levels to watch on the upside are 5259-5274.
There were quite a few opinions in the market yesterday, that the sudden volumes and the jump in the market from 5173 levels was due to the ongoing positive news coming from the Ambani brothers.
End of day charts show an increase in volumes for counters like RNRL and RIIL.
But I was watching the US futures come to 1084 around the same time and bounce from there.
Can the Ambani brothers influence the US futures too? :).
None of their stocks are listed there. Makes me wonder why?