Market breadth plus Long buildup in Nifty

So as we planned, market opened above Pivot and gave a bounce, that too with long buildup in NIFTY1! .

That’s a strong positive sign.

One more good thing is volume. Today’s buyers’ volume was 29M, which is higher than Friday’s sellers’ volume of 24M.

This clearly shows bulls are taking charge. However my view will remain cautious until we close above at least 24850 on weekly basis.

So we have 3 positives now for the week ahead:

• Long buildup in futures
• Market breadth positive
• Buyers’ volume higher

With all this, Nifty’s Pivot has now shifted to 24564 and PP is at 0.25.

So, if tomorrow NIFTY opens above Pivot and stays there, then we can expect a sharp move towards 24750. Support will be 24575.

BANKNIFTY is showing early signs of accumulation. Support 53600. Options traders can aim for 55500 this month.

On the sector side, Auto, Finance, Chemical and Defence have joined the momentum. Keep a close watch on defence leaders.

My today's intraday performers:

1. OLAELEC +15.60%
2. STALLION +9.95%
3. STYLEBAAZA +4.14%

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