GOOD MORNING ALL
Yesterday, the Nifty opened with a positive gap, consolidate and then displayed a strong rally in the second half to close the day at the days high.
For today, the Nifty is expected to open with a positive bias. Strong support exists at 11500. Now till the time this support is held the Nifty will be in the strong grip of the Bulls. With the August series scheduled to expire today a strong short covering move is expected which can take the Nifty to test 11650 – 11700 as well.
For the Bank Nifty, strong support now is at 23200. If this is protected the Bulls would be in command and the charts suggest that 24000 could well be tested.