Nifty
In the morning NF shooted up giving a false break out on the upper side.This time it was accompanied by volumes too but slowly and steadily dipped downwards just to check the supports and moved in a very narrow range and then managed to climb breaking the day high in the closing session.Thus we can conclude that there was a decent buying in the 6290-6296 region as in the last hour NF manged to break days high.
Tomorrow would be positive day and if every thing goes right then 6327 should act as support for the whole day. I expect NF to touch 6380 - 6400 level form where shorting can be done.For tomorrow downside looks limited but if any how breaks 6267 NF then we may visit 6229 levels.
Currently i am short in NF at 6275 and hedged with 6400 double quantity calls.
You might be thinking that i am beting both on the short side as well as long side but stating in clear terms the state of the market is confused so have to take both sides till a clear direction emerges.
Bank Nifty
A stupendous show of strenght . SBI with Bad results too wasn't able to shake out BN. Volumes of the morning indicate buying pressure in BN as it even did'nt touch the Days low again and managed to break the days high.
Just posting the charts to explain prize-volume behaviour.
Reliance
At the lows of the day volume indicate buying pressure in Reliance.
Just posting the chart to explain prize-volume behaviour.
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