The Nifty future and the Bank Nifty today did an exact repeat of the activity yesterday.
Sell at the open, consolidate in a small range for the most period and sell off in the afternoon followed by a rise into the close.
The Nifty was sold at the open below value area low of yesterday and the Bank Nifty got sold off below the 11690 level we were watching yesterday.
5985 to 5955 formed a single print selling zone which signified the presence of the larger time frame seller and will be resistances into the rest of this week. 5840 is still on the cards for this one.
The Bank Nifty future hit the lows made on 26/11 and looks very bearish now that it is below 11690.
This index has dropped a 1000 points in 4 days with a seller showing up every day at the open.A simple strategy of selling at the open would have yielded good results in the BN, but it remains to be seen whether it continues as an effective strategy into the rest of the week.