If we gap down again tomorrow chances are that the downmove should arrest itself and we should see a rally upto 5550..
For now as long as today's low holds - the upmove may materialize for 5550. - 5500. Alternatively, we test 5300 and then most likely head to 5550.. As indicated by the red arrows.
The Blue arrows indicate possible outcomes should we hold 5378.
BANKNIFTY
Also showing a similar trend. However, there's only a minor downside gap at 10543 -- buy around 10500 and hold for targets of 11000-11100
