Finally we are on expiry day, some nice show in range expansion happened already on the down side, but stats and volumes still indicating that bulls are accumulating on dips. Last day I expected a nice swing in banking sector. Bank Nifty and Axis bank did broke but volumes are indicating that the interest and bias is bullish on earnings expectations.
A/D chart has stalled at double bottom level and pattern formation as per me is bullish in nature, but everything will clear once earnings season completely pans out.
Axis Bank
Axis bank didn't gave the kind of swing as expected, clearly Axis bank is one of the strongest stock in Bank Nifty and I guess that's the same reason that people are not selling it and it hold out yesterday with just 2% cut.
Nifty Expiry
Nifty managed to hold 5200 yesterday, but possibility is still there to take it out today, on the upside 5245 continues to hold upside resistance and is a important level to watch out.
Hope you liked it.
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