The gap-down start was quickly bought into and Nifty was range-bound for most of the day. OI in Nifty futures pretty much the same as yesterday and these volumes are good enough to move on either side of the scale; Sectoral churns as usual and VIX again cooled below 24.
Critical levels for downside remain unchanged from previous posts;
For the upside, now what to say??? result is on the ticker and Nifty has managed to close above 5408 and BNF is on a roll with a close above 10400; a confirmation on closing basis tomorrow will be 2 consecutive ones on a daily basis and 5th consecutive week of gains. Should that happen, the next assault in all likelihood will be at 5532 on Nifty and 10800 on Banknifty
Today was the 8th consecutive close above the 5177-5196 band and if it holds out on closing basis tomorrow [almost a sure shot event now] then the downside may be restricted to these levels only until 16th Feb EOD [following the 2-3-5-8-13 sequence on trading session basis]
Critical levels for downside remain unchanged from previous posts;
For the upside, now what to say??? result is on the ticker and Nifty has managed to close above 5408 and BNF is on a roll with a close above 10400; a confirmation on closing basis tomorrow will be 2 consecutive ones on a daily basis and 5th consecutive week of gains. Should that happen, the next assault in all likelihood will be at 5532 on Nifty and 10800 on Banknifty
Today was the 8th consecutive close above the 5177-5196 band and if it holds out on closing basis tomorrow [almost a sure shot event now] then the downside may be restricted to these levels only until 16th Feb EOD [following the 2-3-5-8-13 sequence on trading session basis]
2 comments:
nagraj bhai. seems nifty will take it own course of time to fill the gaps on down side but now nifty is in different mood thanks vishal
Hey Nagraj -
4531 is a bottom now. Putting an end to the bear market rally.
lol
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