Both Nifty and Bank Nifty 90 min charts are currently at the ichimoku supports and if there is no sharp recovery at this point and trading either in a sideways fashion or trading below the cloud supports results in sell mode. Currently the cloud supports are at 5255 and 10177.
Nifty and Bank Nifty are still in buy mode trading below the intermediate resistance 200MA line. so as per the last post we had exited our longs and waiting for the next trade. The next trade setup could give a re-entry in long if nifty moves and trades above 200MA line on the 90 min timeframe.
Nifty and Bank Nifty 90 min charts are in sell mode since last thursday. Currently the resistance are in 5296 and 10329 respectively. Currently nifty is trading below the long term weekly support zone 5236. Trading below 5236 in the upcoming sessions indicate weakness in the market.