Why this congestion?
The low to high is only 51 points, it was caged in a narrow zone. A kind of maturity was seen.it was unable to claim up or fall down the buying and selling pressure from both ends made a day of congestion.The icici and axis banks are shown strength,even the Sbi is not that much weak it would have gone up...but the traders seems to cut short their position by booking profits for a small up and down moves.
As i stated in my pre-market view the banknifty remain in sideways and shown choppyness.The day trading was really boring because of this choppiness. The Nifty shown weakness and unable to sustain the 5500 level during closing it came down to 480 levels.
What do we expect tomorrow?
There is a chance for gap down opening tomorrow and the banknifty may trade in side ways. A move down to 10830 will bring activeness and one can see good volatality in intraday. The 10900+ levels will not attract fresh buying...between 860 to 980 range will remain choppy or less volatile a firm move up or down is only good for active day traders.
I will not advise now , you to initiate fresh longs at this levels.