The markets trended lower since the open in an OPen Drive which meant that sellers were beginning to take an upper hand in the market and the prevailing auction.
In yesterday’s post we spoke about 6800 and 12900 being key levels for the trend to continue upwards.
Today’s excess near the OPEN shows a seller taking advantage of prices around the mentioned levels to sell into the market.
The Nifty now shows excess at 6824 and has confirmed a close below 6800.
The dailies are now auctioning below VAL for 3 days now and we have stopped the moves above IB High and vwap as well.
For tomorrow we again watch if the NF can make it below VAL 6741.
The targets on the lower side are 6692 and 6649.
It would be good if the auction can go and test 6649 to check for new buyers.
The BNF closed lower than the NF.
It was a trend day lower with strong OTF selling at the open.
The BNF will face resistance tomorrow again at 12682/ 12698 and is a sell on rise to these levels with stop at 12750.
It’s likely to see 12470/ 12520 again if resistance holds.
