NIFTYBANK: U turn Zone or the V Zone!

It is near six months of upward sloping zone that the NIFTYBANK has been roaming around.

For those who read our understanding, clearly this one change trend around the extremes without any warning and hence, this time may not be different.

What is different is the boundary of this extreme is squeeing and hence the inevitable move this space has to carve out.

U turn is the normal one V is it the Victory Zone that can push the boundaries to breach and move higher, or the Voting Day zone depending on the outcome.

The double-sided arrow shows, the Three black Crow formation, this unfolded after the first and second phase of the voting, market expectation was not that euphoric, subsequent to the fourth phase markets broke and moved higher.

Clearly markets may not break either side, but who knows the way the bounce unfolded in two weeks to reach near 50 K.

The graph today is of the Volume Candle and that is more or less negating the large Green Candle followed by the 3 black Crows and the current up move the size of the volume candles are not significant.

Caution any days is the welcome, more so ahead of the big event. Despite this caution, markets have carved higher base and that is the test one has to wait and watch.

48800-49800 is the new range to keep an eye, Selective PSU spaces, looking making one more attempt to the ATH, though not all will achieve that with the same speed.

Support 49150-48970-48810-48700
Supply 49480-49620-49880