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TURN DATE FOR TODAY 28.04.25

 

The last 3 sessions on the Nifty and BankNifty were hesitant ones, although new swing highs were recorded, shifting the onus to the bulls today to carry matters further. Can they pull it thru? Well, they would need some help. Reliance results could do it. But if the Nifty were to drop below 24100, first, then we may see slide to 23800 area to seek some support. Bank Nifty similarly poised critically, and if we see a slide below 54400, then it would go towards making the low of the day first. Last week highs would need to be taken out for bulls to be back in the saddle.
Not to mistake this for a big decline at the start of this move. Today is a turn date and we shall track the high low of today to see what gets broken across coming day or two to decide. Nothing major will be lost by waiting for this.

The moves that emerge from here can go till 6 or 12 May and pullback can go to 23400 area. Beyond that two possibilities exist. A rally or a further decline into next turn date of 2nd June. We will deal with that when we near it. Right now it is only background info. If there is a continued rally, then we should get to 25400 by 12th May.

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