Due to some other commitments, I am not able to update details analysis for today but here is the crux:
Yesterday, we saw some selling in both Nifty and Banknifty and buyers pitched in from lower levels. If we continue upside today above previous day’s range, this sharp move down of yesterday can be seen as inventory adjustment break for smaller timeframe and we might move further up. In case of price trading below previous day’s range, it would mean IAB is not over yet and we might see lower prices. So, previous day’s range is the clue. Acceptance inside range is not good for bulls.