Perspective : The market is resting on the outermost boundary of it's lower support.These are not normal conditions to trade as external factors are influencing a lot of the market activity.One needs to be quick to respond to the various cues the market is putting out. Our pre-market updates have worked for the morning session in the past 2-3 days.One should evaluate achieved objectives before taking a trading call.
Back Ground : We spoke about a gap fill attempt by the market near the support of 5546-5551 pointed out in the morning. Holding 5551 at the open, the market tried to fill the gap, but failed by 14 points and created a failed auction signal in the process. Later on in the afternoon, support gave way and the market moved 40 points lower.
The low volume zone pointed between 5596- 5560 was "auctioned into" by the market with the highs being 5593 for the day.
Chart Speak :
- a failed auction signal at 5593
- 2 prominent distributions, one at 5526 and the other at 5564
- small buying prints at 5502-5514
- below 5519, support is at 5485.
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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