A strong up day led by banks: Mohit Gaba

The Nifty opened higher than Monday’s close, traded higher during the day closing at the high of the day. Yesterday was a big up day, a very bullish signal. I had long Bank Nifty position from Monday, on which I booked profit yesterday.

Technically the Nifty is still up, however I feel 5400-5600 is a strong resistance zone and we would need some very strong positive news from the government to push the market above these zone. I expect the market to be choppy and volatile over the next few days and its result season. Hence, a day at a time.