The Vol profile chart shows a higher percentage of buyers than sellers and some initiative activity at key levels.
5804 and 5830 are important ref levels to the downside with the turn level of 5868 standing in between what could be a move to 5930 and 5975.
The Bank Nifty consolidated today below the highs of friday, but was not able to take out the early morning highs later in the day.
Support for the Bank nifty still lies at 11680 which in our book is as big as the 12460 levels of November future whose breakdown resulted in a 1000 point drop.
Like 5868 in the Nifty 11824 holds the key for further moves.
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Value Areas :
11880-11860-11820 in BN
5855-5846-5821 in Nifty
After that move up in EURO to 1.33 in the afternoon (when Nifty made its high above 5860), has not materialized to break on upside.
EURO tanked exactly to 1.31 just now!
and also VIX has gone up 23% in last 5 days. Either something else other than Ireland (may be Spain) is also brewing.
On the other hand Euro has retraced almost 50% of the swing from 1.19 to 1.42 - So may be we will get some pullback in Euro with S&P500 and other world markets making an attempt to rise.
US futures are trading near 1171 and the last time they reached here the Nymo was at -85. Today's it's near -30.
Also a POMO auction lined up, would get interesting.
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