The run-up in the last few minutes was designed to catch shorts off-guard, but the Volume at price action showed a good build-up of volume between 6320-6340 a previous seller zone.
The bounce off the lower 6260 zone puts the Nifty in a good position to challenge higher levels, but the march ahead would not be an easy one.
Through our new look Quotetracker charts, we now have the ability to look inside the volume traded at every price point by the buyers and the sellers.
A closer look at prices below the 6275 zone, shows a lot more blue in the bars than red, giving us evidence in real time that the sellers were not pushing for lower prices and that the buyers were coming in.Alos levels between 6320 and 6340 have got good buying action, which will be good for the market moving forward.
The bank nifty traded up and down today with no concrete action on the path of the buyers or sellers to claim the day.
What is interesting to note is that unlike the Nifty which finished at new highs, the Bank Nifty is still 100 points below the highs posted earlier.
The entire zone between 13200-13300 has a large seller influence and it will be interesting to see how the Bank Nifty negotiates it tomorrow.