Perspective : Unchanged from yesterday- The 5 day profile is developing into a bell with single prints at 5576 below and 5702 above.Yesterday's profile was contained within the profile of 1/7 and a break of range or a test of the bracket extremes should be the next step in this sideways development.
Back Ground : We spoke about 5665 being important resistance and the market developed a high just above that.The markets weakened once auction happened below 5648.
Chart Speak :
1) Value area developed is between 5653 and 5632.
2) Upside Resistance seen at 5673 today whilst support will come at 5612 below.
3) Trade is still within the profile of 1/7 and any move above or below should fetch the next 60 points.
4) Look for acceptance of price above or below the bracket extremes as price can probe to take out weak hands. Only volumes can confirm price behavior.
The above post is for purpose of education only. Similar charts are posted for the BN, LT, RIL, ICICI, TTM, SBIN everyday on our premium website http://www.vtrender-2.com/
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2 comments:
@ Shai,
I have been noticing some of the levels you put on these posts and they are very accurate.
5673 which you mentioned as resistance is still the day high now and the up move of today stalled there.
Does market profile give you such an accurate picture of the market.If I have to study market profile in India, are there any institutes which can teach this study?any sites you will like to recommend?
Rajshri,
I follow a variation of Market profile which combines price and volume profiles to give me these levels.
There is a lot of info on Market Profile on the web, a simple google search will give you quite a lot of stuff.Try the Forum section on the right where some of the terms have been explained.
Incidentally the resistance you mentioned broke and the market went to prime resistance 4 ( PR4) at 5713. PR 5 is 5735 now.
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