We start analyzing March futures from today.
The Italics are the comments from yesterday.
Bank Nifty :
– The pull back rally high is 11150 ( adjusted for Mar).
– Pull back rally is the afternoon adjustment of inventory and the trend of the previous days resumes only above this level.
-10816/ 10616 are lower supports
– The poor lows created around 10800(-40) gave way today.
– 10616 is the upper end of the minus development zone from 11/2.
– Positions can be carried below 10616 for 10165 with a closing stop at 10830 for a 450 point move.
-Only 10400 is a minor support below 10616
– Markets broke both support levels mentioned.
– Pull back high is 5568 ( adjusted for March)
– auction over 5568 will terminate the downward probe of Friday.
-5367 is the top of the minus development region from 11/2.
-Below 5367 we can see 5229 all over again and a possible 4975.
– New selling will emerge only below 2720-2680 level.
– New selling activity clearly seen off 2724 at the open.
– SBI attempted today to break into the buyer zone of 11/2 and 14/2 in last 45 mins of trade.
– As a leader of the rally, we wait to see if it confirms a break early below lows for 2514 as a target.
-Holding the lows it may consolidate upto 2662.
– Lots of news in the counter. An interesting auction to watch tomorrow.
– 970/ 987 are ref levels on the upside.
– An inside day today in RIL.
– a break of 986/ 1016 can give 20 points either direction.