Nifty - Sellers have applied their brakes!

On Friday’s red candle, buyers actually beat sellers by 26 million in volume.
And exactly as expected, that showed up today – market gave the move.

If you understand price and volume analysis in NIFTY , you’ve already cracked 90% of the game. The rest is just how well you execute and manage your psychology. #LearningIsEarning

Now about today’s move –
Nifty again saw buyers ahead of sellers by 60 million volume.

But honestly, I’m a bit doubtful about this rally. It looks more like short covering from last week’s positions.

Many traders closed early because Friday is off for Independence Day – fewer days left for options traders this week.

My view remains – sell on rise.

Options data still suggests bounce till 24800 If Nifty crosses 24635 tomorrow, it can head to 24800 and even 25000 in the coming days. I’ll be watching that resistance closely.

Support from intraday perspective is around 24450.

BANKNIFTY can also follow through till 55575 in the next few days if it breaks 55650.

For sectors, keep CNXPSUBANK , CNXIT and NIFTY_IND_DEFENCE on the radar.

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