After days of the sideways movement, Nifty gave first sign of feebleness after it closed below the three-digit Gann number of 9,160 for the first time since 29th March 2017.
However, a confirmation of a close below the same is required to ensure a change in orbit towards 9,010. Meanwhile, Bank Nifty is acting like a lone warrior after posting a weekly rally of 1.1 percent as it continues to trade above the four-digit Gann support of 21,400.
Recent out performance of Bank Nifty has restricted the decline in the markets. It certainly holds the key in deciding the next leg of the journey of the index.
Post the five weeks of consolidation at the top and lack of momentum to carry the index past 9,300 suggests that market is missing the much-required ammunition.
By the end of Monday’s session, the index will give a clear signal whether the markets are sustaining at current levels or not.
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