Perspective : The bias of the market is easily understood through the value areas and the response of the market in relation to them. Also important is sentiment which is a "feel" of what the market is currently doing versus what the majority expects it to do. We spoke about this in our perspective on July 1st.. Always listen to the message of the market.
Back Ground : Yesterday's open test drive was quick to reject the previous day's value area and the market stayed strongly above VAH all day.Buyers are always stronger above VAH and sellers below VAL.The VAH and VAL levels are the green lines in the chart above.
Chart Speak :
1) Open test drive which visited the previous POC and moved higher above value area high ( VAH).
2) poor highs point to more upside in the morning session.
3) Bias to stay positive above VAH 5744
4) Prime resistance levels on the upside are 5773 ( PR1) and 5797 ( PR2)
5) Below VAH we can expect distribution between 5726 and 5744, even stretching to 5714.
6) 5702 is new support.
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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