Bounce gains momentum

5868 did a job today by galvanizing buyers to 5915 and providing support on the rebound from there.

5868 is also the weekly value area low and if the 80 % rule plays out it can fetch a trip to atleast 5975.

Here are the charts for today :

Nifty :

Chart2Bof2Bnifty2Bz0 Nsf2 Bounce Gains Momentum

Bank Nifty :

Chart2Bof2Bbanknifty2Bz0 Nsf3 Bounce Gains Momentum

Value was created today at 5820-5890-5904 in the Nifty.

It was 12040-12000-11880 in the Bank Nifty.

5850 should support the market on the way down tomorrow with 5810-5820 as important reference levels for tomorrow’s action on the downside. Up above it is 5930 and 5975.

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