The Italics are the comments from yesterday.
Bank Nifty :
– The BN did not find willing sellers below val.
– strength abv the DD took the market straight up to 11144.
– 11008/ 11064 are new short term supports
– It was a trend day with a difference ( not a text book one)
– Mkt broke the mentioned supports from yesterday.
– The pull back rally high is 11144.
– Pull back rally is the afternoon adjustment of inventory and the trend of the previous days resumes only above this level.
-10856/ 10696 are lower supports
– good volumes seen above 5508
– a DD pattern is a sign of continuity
– a previous failure at 5567 needs to be considered
– 5508/ 5494 are short term supports.
– Markets broke both support levels mentioned.
– Pull back high is 5542 ( letter L)
– Lower spike from letter o to letter p would have to be watched at Monday open.
– No real strength in the markets till pullback high is exceeded.
-5370/ 5330 will nullify the larger upmove.
–2787 almost hit.
–a low volume zone between 2787 and 2841 now.
— this market can easily rush up those points between the levels.
–2718 is minor support.
– Lower support held in SBI.
– 4 days of profile shows supply drying up at 2720 levels.
– New selling will emerge only below 2720-2680 level.
– Reliance did come off the bracket and should move higher
– Do not expect the pace to be on the higher side as it moves away from the congestion zone
– 943 will be support on downside.
– The last 30 mins of action brough RIL back in the previous bracket.
– 948-953 if not taken out would lead RIL lower to 924.