The Italics are the comments from yesterday and the previous days.
The markets put in a strong trend day on Tuesday, with the speed of the moves increasing over 5440 and 5480.
Generally what follows a trend day is a balancing act, and we would wait to see if the markets can consolidate in the upper end and build value again.What would not help at the open is the loss of a day in trading when other markets have been functioning. Conservatives in such cases would wait for the initial balance to be developed before attempting intra-day positions.
Bank Nifty :
——
– The pull back rally high is 11150 ( adjusted for Mar).
– 10616 is the upper end of the minus development zone from 11/2.
– Poor lows at 10200
– 10560 is the pull back high above which short term trend changes to up.
– single prints (buyer) from 10370-10400
– below 10370 can target 10190 again.
——–
– 10755/780 is short term support and the market has to stay above this level for it to reach 11150 mentioned above.
-the move of Tuesday was stretched and balancing would be good for further up moves.
– 10875 will be watched in opening prints a break of which should bring 10780.
Nifty :
——
– 5367 is the top of the minus development region from 11/2.
– lower side support is 5229
– upper side resistance is the pull back high of 5391.
– Buyers are holding the levels at 5304-5314, below which Nifty failed to auction today ( 28/2).
——
-5481 and 5421 are intra day supports
-5521 needs to be watched in the opening prints.
-5593/ 5663 are tgt above.
-consolidation/ balancing would be good before any up move.
SBI :
———
– Holding the lows it may consolidate upto 2662.
– 2514 almost done. is a good support zone.
– an auction above 2674 will signal end of the downtrend and a start of a move which should give 2754 next.
—-
– profile shows buying prints at 2630.
RIL :
————–
– 966 represents upper end of the prior bracket, as also gap fill.
– One can take a long position here for 991/1010 with a stop at 952.
———–
_RIL is forming another bracket between 966-1009.
The markets put in a strong trend day on Tuesday, with the speed of the moves increasing over 5440 and 5480.
Generally what follows a trend day is a balancing act, and we would wait to see if the markets can consolidate in the upper end and build value again.What would not help at the open is the loss of a day in trading when other markets have been functioning. Conservatives in such cases would wait for the initial balance to be developed before attempting intra-day positions.
Bank Nifty :
——
– The pull back rally high is 11150 ( adjusted for Mar).
– 10616 is the upper end of the minus development zone from 11/2.
– Poor lows at 10200
– 10560 is the pull back high above which short term trend changes to up.
– single prints (buyer) from 10370-10400
– below 10370 can target 10190 again.
——–
– 10755/780 is short term support and the market has to stay above this level for it to reach 11150 mentioned above.
-the move of Tuesday was stretched and balancing would be good for further up moves.
– 10875 will be watched in opening prints a break of which should bring 10780.
Nifty :
——
– 5367 is the top of the minus development region from 11/2.
– lower side support is 5229
– upper side resistance is the pull back high of 5391.
– Buyers are holding the levels at 5304-5314, below which Nifty failed to auction today ( 28/2).
——
-5481 and 5421 are intra day supports
-5521 needs to be watched in the opening prints.
-5593/ 5663 are tgt above.
-consolidation/ balancing would be good before any up move.
SBI :
———
– Holding the lows it may consolidate upto 2662.
– 2514 almost done. is a good support zone.
– an auction above 2674 will signal end of the downtrend and a start of a move which should give 2754 next.
—-
– profile shows buying prints at 2630.
RIL :
————–
– 966 represents upper end of the prior bracket, as also gap fill.
– One can take a long position here for 991/1010 with a stop at 952.
———–
_RIL is forming another bracket between 966-1009.
[learn_press_profile]