Nifty futures opened with a gap down as expected. After losing more than 120 points, it moved up and recovered the loss mildly and closed at 10357. The change we could observe in nifty was its resilience today. It closed above day's low and ready for a bounce back.
Bank Nifty also did not breach the last week low of 24600 and it was a doji closing to end at 24868.
When BNF is showing some sign of recovery and negates the negativity, it is believed that Nifty will also follow the major component and look for upside move.
But it is capped to 10436/ 25288 in Nifty and BNF respectively. Only a close above these numbers indicates a recovery & bullishness.
A daily close below 10290/24750 indicates a total control of market by bears.
Trade with caution in this month and never be long or short in this market unless above numbers are crossed.
Prudent & cautious approach leads to happy Trading!!
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