Pivot Low Formed, Follow-Up Buying Crucial – Nifty and BankniftyYesterday, 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:
NSE:SWARAJENG (Earnings Pivot) – +10%
NSE:SPORTKING – +5.92%
NSE:MOBIKWIK – +4.16%
For the short term, I am still holding NSE:CUPID , which has already given a 22% move in the last 3 sessions since my entry!
Now, coming to today’s market action:
NSE: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.
NSE:BANKNIFTY looks more positive, and this time, NSE: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: NSE:NIFTY_CONSR_DURBL
NSE:NIFTY_IPO stocks remain strong, and for intraday trades, NSE:CNXAUTO and NSE: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.
Long