Nifty has opened around 5090 levels. Not much change in sentiment from yesterday afternoon.
Watch for the response of buyers to selling activity in the 5103-5108 range. Similar levels in the bank nifty are 9295-9305.
On the downside levels would be 5078 and 5060-65
Bank Nifty is above our reference level of 9310.I’m not sure of a long yet and am waiting for more cues from the market. Maybe a move above 9330 will tilt it for me..
Nifty is moving between 5072-5085. The selling has not become aggressive beyond the lower point.
Long BN at 9345, Sl 9325, target 9405
BN has not moved to expectation.
I suggest bringing SL to cost at 9345 or scratch out here at 9360 for a 15 point gain.
Hope everyone had a good trading day today.
In the morning, we saw classical initiative activity by sellers to 5070 levels and a strong responsive action by buyers from that level which took the future to 5134.
We knew of the presence of a seller there.
However looking ahead to next week, the buying will be severely tested again at 5177-5217 region where an intermediate term seller has been known to sell.
We’ll see next week, how it resolves.
Have a good weekend.