Two statements from last evenings post here
“5868-5863 holds the key in the Nifty tomorrow.”
“The Nifty chart showed the presence of a buyer at 5925 levels”
The Nifty moved sideways till the afternoon and once the RBI news got digested the low at 5863 was bought and the Nifty finished a 100 points higher from there.
We have a full session of trading in international markets, before we resume again on Monday and lots can change from a sentiment point of view between now and then, but the damaging part of the afternoon move was that value was not created higher and the point of control stayed in it’s place.
At the worst the bulls can hope for a rotation in the 5990-5955 low vol zone before a move higher, buy 5955-5945 will have to be defended.
The bank Nifty chart showed a buyer at 11180 early in the morning, and the fact that the market stayed above vwap was in itself a statement that the market would seen higher levels later, despite the news flow.
This market also has to stay above 11244 all of next week for it to move up again.
