Generally what follows a trend day is a balancing act, and we would wait to see if the markets can consolidate in the upper end and build value again.What would not help at the open is the loss of a day in trading when other markets have been functioning. Conservatives in such cases would wait for the initial balance to be developed before attempting intra-day positions.
Nifty :
BankNifty :
-5481 and 5421 are intra day supports
-5521 needs to be watched in the opening prints.
-5593/ 5663 are tgt above.
-consolidation/ balancing would be good before any up move.
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BN overnight commentary :
- 10755/780 is short term support and the market has to stay above this level for it to reach 11150 mentioned above.
-the move of Tuesday was stretched and balancing would be good for further up moves.
- 10875 will be watched in opening prints a break of which should bring 10780.
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