Pivot Low Formed, Follow-Up Buying Crucial – Nifty and Banknifty

Yesterday, i mentioned that sellers’ volume was 40 million higher than buyers, and for a new trend to emerge, today’s candle needed to absorb that supply.

And look what happened — today, buyers’ volume surpassed sellers’ by 82 million.

All the setups I traded today blasted exactly as expected:

SWARAJENG (Earnings Pivot) – +10%
SPORTKING – +5.92%
MOBIKWIK – +4.16%

For the short term, I am still holding CUPID, which has already given a 22% move in the last 3 sessions since my entry!

Now, coming to today’s market action:

NIFTY formed a Demand Candle today, and along with that, a Pivot Low has also been created.

The only missing piece is that the index hasn’t yet closed above 25200.

The message is clear — if we get follow-up buying tomorrow, the index could be ready for a fresh high.
For tomorrow:

Resistance: 25244 — once crossed, short covering can push it directly to 25350/25500.

Support: will be at 25180.

BANKNIFTY looks more positive, and this time, CNXPSUBANK could be the key driver.

For BankNifty:

- Support: 56965
- Resistance: 57260 — a close above this could trigger a move towards a new high.

Talking about sector rotation — in the short-term timeframe, a new sector has emerged: NIFTY_CONSR_DURBL

NIFTY_IPO stocks remain strong, and for intraday trades, CNXAUTO and NIFTY_EV stocks are at the top of the list. So if you’re planning tomorrow’s intraday trades, focus on these sectors.

That’s all for today.
Take care.
Have a profitable tomorrow.