Nifty-10th March EOD

Viren here.

Hope you all had a good profitable trading day.

Things started on a sour note for me this morning when some of my short stops which I had carried from day before, got triggered at the VAH and the market didn't give me a chance to get long at that spot. However I remembered the rejection from 2 days back at 5142 and was quick to jump for shorts around 5135. Also at the back of my mind, was the divergence at play in the Nifty and the Bank Nifty--the Banks were below tuesday's highs whereas the Nifty was near Monday's.

Let's look at the charts now to see where we go from here...




The Nifty moved sharply higher from VAH, but was met with aggressive selling at Monday's highs near 5145.Again a 40 point drop followed, this time a bit slower but buyers stepped in late in the afternoon to make price close in value.


The Bank nifty didn't make it anywhere near Monday's highs. It closed exactly at Tuesday's value. No change.

What's in store :

We are seeing buyers step up near 5100 in the Nifty and sellers at 5145.

For the Bank Nifty the levels are 9060 for buyers and 9180 for sellers.

I do get a feel that Bank Nifty will lead tomorrow...one way or the other.Keep an eye on it.

Strategy :

The purple lines on the charts are the value areas.

Strategy tomorrow will be to trade on an exit of value at either level, followed by addition of positions at the above mentioned Nifty/ BN levels.

If we are in between again, trade small...trade smart.