The Nifty index has opened at 5254 and quickly moved above 5271 which is what we expected yesterday afternoon in the trade alert.
The open signifies that not much has changed from yesterday’s close.
For the upmove to continue, 5265-5271 has to prevail.
On the lower side the support at 5225-5231 has been well documented.
The value areas for the Nifty are 5261-5251-5241
For the Bank Nifty they are 9395-9368-9341.
On another note, I received some mails about the bearish prognosis for the market presented in the charts yesterday here.
Yes the charts are bearish and point down.
However, I did make a point that if we close above 5367 then bulls have an even chance.
There is nothing new the charts are projecting. We have been saying it all along in the past two weeks.