Nifty View: Benchmark Nifty opened well in today’s session and that's all that it did. There was a dash of some intraday volatility, but overall the index faired well to hold onto the minor gap up with which it opened in today’s session. On the daily chart, we have a possibility of an “Evening Star” only and only if the index opens below 15,836 and stays below. But that is just anticipation. The facts of price support the underlying UP trend and with momentum one can expect further upsides. Price-momentum divergence persists which has so far not lead to any serious damage, but short term dips. Strategically makes sense to stay cautious with an overall positive bias. Banks, especially Private sector banks need to play an important role if upsides from Nifty has to continue.
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