In the morning was a quick test of the 6250 region where we broke down yesterday ( for the second time in 2 months), but it was enough to load up on some good shorts as we went back into the bracket from before.
Suddenly we were in the midst of some familiar levels and as you know markets have memory and they do familiar things at familiar levels.
In the Nifty future we did the 80 % rule for the weekly Time frame in one day, as the selling intensified with buyers choosing to stay away at 6155 and then 6125 levels. It was left for the 6075 level to defend longs, something which could not be judged at the close. But keep an eye out for it on Monday morning. If the selling intensifies below that then 6005-6020.
The Bank Nifty has come down 800 points with it’s Prima Donna SBI down 500 points this week.Watch for SBI to lead the move up if any. The Bank Nifty also did the 80 % rule in the weekly TF to 12579 today.
