The BN was the focus of traders today as it contains a lot of rate sensitive instruments, which would give important cues to market behavior ahead and after the announcement from the RBI governor.
What was interesting to note was the sell signal generated 2 mins ahead of the announcement as smart5 money started liquidating positions built since Friday.
The trade returned a handsome 255 points, once again establishing the BN as a premier OF indicator. Our records put the success percentage at over 91 % for the Bank Nifty with each gain measuring over 70 points.
What's important to also note is the PP0 which was not encouraging for longs off the open. I've said it before that a market is short below PP0 and long above it. It is an excellent stop n reverse level for the day.
Today's fall puts the two markets back into the balance zone where NF 5535-5550 is the lower support. The huge volumes may be traders adjusting inventory which had gotten too long ahead of the announcement.Tomorrow is a 3 I concept day.
Posts
0 comments:
Post a Comment