The market opened on a strong note this morning and was quick to move above yesterday’s value area high setting up a long opportunity for a target of weekly POC around 5975.
In my post on Monday I had hinted at the possibility of the level of 5868 being a turn level annd setting uop a move to 5930 and 5975. Both levels were reached today and we offloded our 5800 calls of Monday morning for a sweet 50 % profit in 2 days. We are still holding some minis initiated there.
Sellers were absent from the tape and the Initiative activity straight off the open as can be seen in the huge volume green bars is pointing to evidence of more to come.
Similar to the Nifty’s 5868 we had pointed out 11824 in the Bank Nifty. It is well on target for the 11490 levels.
The Bank Nifty has been the leader again of this 200 point move in the Nifty in the past one and a half sessions. We will be watching the 12222 level now for signs of trend exhaustion or reversal.