The markets are not always known to be efficient, but have an efficient way of working.
It can reward one set of traders whilst being equally hard on the other set.
It’s also known to choose it’s own path regardless of news flow or any external influences. We saw in today’s session again a quick rejection of friday’s truncated session. The market has always been known to do that, go up in the session before Mahurat and reset the next day.
The Nifty chart of today showed a quick rejection of higher levels whilst finding support near the POC from Thursday’s session. Trade faciliatation was non-existent all afternoon as the Nifty stayed in a 20 point range after the move down in the first hour.
6285 and 6250 will be supports for the market tomorrow.
The Bank Nifty showed a big seller at the top near 12300 levels. Rejection was swift and the index lost 200 points within the hour.
13070 is immediate supports for this market
The red in the horizontal bars denotes sellers at those prices, the blue is buyers and the whites are the trades which did not get filled.
Value Areas :
Nifty : 6308-6300-6296
Bank Nifty : 13182-13150-13130