The seller returned, in a very unassuming manner, and just when I was tired and ready to throw off my short position.Thank God I didn't.
So what's in store tomorrow?
The 10 point gap at 5262-5272 created in the futures by March expiry is now filled and we should be ready to move higher tomorrow.Also the stampede to exit near the closing is always an indicator that higher prices are ahead.
Since 5262-5272 has been reached, I would look at an auction between 5272-5302 in the first half for tomorrow.Above 5295, which is VAL tomorrow, price can also target 5320-5325 in the morning session itself.
On the flip side, weakness below 5260 will bring 5225-5230 as in yesterday's projection.
As marked in the chart I will be watching for the return of the seller around 1.50 to 2.15 pm. He's showed up twice in two days at the same time and I would be watching out for him tomorrow.
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11 comments:
Dear Viren,
I used to follow your views along with Dear Ilango.Very studious.I like it.Why? Very simple,because,It's familiar to me because I also go with only actual price and actual volume.Technical analysis and figures give the confirmation and your VAH,VAL,POC gives me the mental peace.Thanks.Please keep the good work as usual.God bless you.
hi viren,
can you upload some material or some of your own write ups to understand the market profiling...wld be helpful to know what we r looking at here in these charts..
Hi , i am new to stock market, please elaborate what is VAH,VAL,POC
Thanks & Regards
Saif,
It is Market profile and I will put up some resources on the site soon.
Anonymous,
These are Value area high, low and Point of Control resp..
Mynac,
Thanks.( Missing your Intra OI interprets)
Buy Nifty above 5299 for 5320-5325. Sl 5290
Opening is on expected lines...Did get a feel that the selling was overdone towards the close.
Watching VAL for the buyer to confirm his presence.
Time is running out for the Buyer.
Beyond 10.30, it will be difficult for him to realise the levels of 5320-5325.
Do not enter the above trade after 10.30. The market will give us new levels.
Good auction today!
First the buyer took it from the opening price to VAL, next the seller brought it to opening price from VAL. Both actions done in one move indicating presence of both buyers and sellers.
Inference : Range Bound day
Or one can scalp btw above 2 levels with a tight SL.
The selling has continued since my last comment.
Now at 5250.Below this level we get 5225 from where I will attempt some longs.
The market is very volatile today and though I am trading some moves, I am not putting most on the blog.
There is evidence of both Buyers and sellers and moves have been quick
I will try to put trades of a higher success probability, as and when I see them.
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