Good Morning All.
Yesterday’s print of 5415 in the NF formed an unfair high or excess in the hourly TF.
We also saw buyers yielding to sellers at this level of 5411 which we have been talking about on this blog for several days now.
Once again our view remains that an auction above this zone puts the buyers back in control.
Yesterday was a normal day with a range extension which failed.So the tape is telling us that longer term participants are wanting to come back in, but at the moment the control remains with the short term participant.
On the downside again 5355 and 5367 EOD remain our levels to watch.
5403-5392-5382 are our values for the Nifty.
10032-10010-9989 for the banknifty.
Sell Bank Nifty below 10030, Sl 10050, target 9990.
Bank nifty at 10000. Book partial profit and hold bal with sl at cost.
Yes I know it has been a minor 30 point scalp only. But what can you expect from this market which has moved in a 30 point range for the past 4 days now.
I wanted to give a sell in Nifty, but knew that yesterday’s value high at 5393 would come in the way. the low so far is 5393.2.Only a break of 5391 can take it to 5382 now.It’s overlapping values within a 5355-5411 which is a 55 point range.
You are welcome to post anything on this blog–anything at all to help us better our trading.
The only exception I have is with blog salesmen and their ” Look at what I achieved ” statements without putting any reasoning/explanation to their achievements.
I also noticed EOD yesterday that I hadn’t responded to a few questions. Sometimes I do get absorbed in the flow of the markets. If you feel that i have skipped your question, please paste it again. I assure you that it is accidental.