Infact it was to be the high of the day.
Ideally it was the perfect opportunity to set up a short at a proven level, but in view of the large gap and the possibility of continuing momentum, not a high probability trade.
Anyways the sellers entered and drove the market lower to Friday's lows of 5397 another HVN, from where the buyer emerged again.
Incidentally in profile we also consider a gap up as evidence of a buyer hand.
So we have a buyer at 5397 and a seller at 5465. It remains to be seen which side it resolves. It's two-all at the moment.
The other HVN of 10807 in the Bank Nifty played out again as it did on friday.
A perfect copy of the action of friday below 10807, with similar results.
This time we were not to be left out.
So this one is setting up as 10705-10807-10920.Either side 100 points to be made.
It remains to be seen if both the indices move up together.
Posts
5 comments:
if u noticed the pull back in last few minutes - it didn't look just a bounce - if u carefully notice Banking stocks - they really came back strong.......can u pl. let me know what do u think of cummins future? how is it going to trade tom.? today, it make a big upmove only to fall down by 30 rs........
Janak,
The fall reflected the presence of a strong seller who is waiting to see at those levels.
Tomorrow below 731 it should move quickly to 723, maybe 719 too.
Janak,
I was also tracking this around expiry as there was some long liquidation happening.
Interestingly this had a 27.6% OI increase today. And in last 2 days OI has gone up by total of 40%. So definitely something cooking there.
Need to watch the action tomorrow. Once a trend is established fast move will come because of the large OI added in last 2 days.
thnx Shai, Girish,
Cummins has been one of my favorite counters and very few times I've seen it falling like it did yesterday.....at-least recently....
Scripts to watch today : AxisBank, Biocon, Bharatiatl, Hindalco, ICICIBank, LT, Maruti, ONGC, PNB, SBI, Sterlite, TataMotors, Tisco.
http://www.4shared.com/document/_t41WMPM/MySAR_A__Future_for_31th_Aug_.html
Post a Comment