With bank nifty bouncing exactly from the daily trend line, things are looking good there for bulls. Nifty is a different scenario altogether, just like I posted in my analysis of LT & Tata Steel. All 3(nifty, LT & Tata Steel) gave a possible false breakout of the trend line & started a V shaped recovery from there. LT & Tata Steel have already given 1 break of structure(2 are needed for a confirmation of bull trend), Nifty seems to be lacking even a single one. Currently nifty is testing the 1H supply zone break of which(on closing basis) will lead to the 1st BOS. Till then I am neutral on nifty & avoiding trading it as there are many other opportunities with higher probability available.
