The Italics are the comments from yesterday.
Bank Nifty :
– A DD day with close above yesterday’s HVN at 10900
– 2 day profile shows a better symmetry and signs of continuation.
– 11140 and 11450 remain upside targets
-10856 is immediate support.
– SL at 10680-10650 for the new trend
-Clearly the mkt stalled at the upper end of yesterday’s profile
-Momentum from the DD seems to be losing
– above 11020 seems to be a clear move to 11144
-but mkt now seems to be a “p’ in the 2 day profile.
-Profile of today not having symmetry
-May rotate towards 5436
-5577 is price objective on the upside
-5370 becomes trend change level.
-Symmetry came in through bal profile
– 2 day profile is another pointer to a move lower to 5435
-strength above highs will lead to the prev 5567/ 5577.
-profile not very balanced.
-can rotate back to test 2705
-above 2754 can see 2787.
-Profile shows single print buying at 2721.
-price still in upper part of the bracket.
-a Little more consolidation btw 940-950 should give an easy 20 points to
– RIL operated completely in the upper end of the bracket.
-This profile is also balanced and should give a directional move tomorrow.
– In a weak mkt rejection at 953, should set up good stops with a 3 point stop.