It is the first trading day of the month, and here is the story while we are pushing through Lunch. Nifty Spot gapped up at 8954 and pushed through the high of the day at 8971, up close to a per cent, before reversing. It had slipped into the Red by a few points, and is trading at 8922/23 levels in this moment of writing.
Please note that the high/low printed in next 2-3 sessions shall tend to hold for the remaining of this series. It needs to be seen how the markets close today, is it a top and reversal positioning? or just a pullback. For now, support is seen at the 8800-8780 handle. A break below 8700 though, proves to be extremely bearish for the counter.