The BankNifty and the Nifty had a trend day today after opening in the value area and created balance of friday.
In BNF the open initially did not meet sellers below PDL in the first hour and the market went through the value area to complete the 80% and look above PDH.
But buyers were missing and the sellers came back strongly
We spoke of a weakness in the BNF below 10746 in the weekend post.
There was a whipsaw of that level in the morning as early morning shorts quickly covered only to come back at higher prices.
Of the 2 targets mentioned of 10660/ 10610 two were hit in today’s auction ( low of 10613)
The chart shows weakness below 10683 in the BNF below the 10747 number.
The NF also had a trend day though a more solid trending structure than that of the BNF
Price stayed below the 6257 level and brought 6226 the first level given yesterday ( low of 6228)
Weakness will persist below 6247 tomorrow with the 6257/67 band providing even bigger resistance.
We stay short below the 6247 and 10683 levels tomorrow.
Likely targets are the same 6164 mentioned yesterday and 10505 and 10390 in BNF