Perspective : With two days to go for the June settlement and global markets pre-occupied with Greece, it will be foolhardy to draw more longer term inferences from current market action.
We will continue to focus on the immediate short term. Our views are valid only for today's session.
BackGround : We spoke about 5558- 5563 as resistance to the day and 5501 as support yesterday. The markets made a high of 5558 and a low of 5491. The low of yesterday was the high from Friday which the market met before strong responsive buying emerged to take the market higher again.
Chart Speak :
1) A balanced profile where value was created in the value zone of Monday.
2) The proper trade set-up would be a break of value or range either side when the market finds balance in a 2 day range or more.
3) The POC at 5540 is important for the day bias today and longs would be safe above it.
4) Resistance will be at 5608 today.
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2 comments:
Good Morning Shai.
Thank you for the new posts you are making on Nifty.Please continue to provide inputs as profile charts are such a rare commodity on blogs and this is the only place where we can come to .
the market has stayed in your yesterday's zone of 5564-5594??
You still think we can go up further.
@ aayuushman,
All levels given in the post are relevant for day trading only.
Today's resistance was marked at 5608 and the market has made a high of 5607 thus far.
The levels are picked from volumes and anticipated price behavior, so they will change everyday.
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