Perspective : This market is clearly balancing with short volatile move in either direction failing to resolve the impasse.
Back Ground :- A sideways movement as evidenced by a side-on Point of control (POC)
Chart Speak :
- Yesterday, we started the day on a 3 I concept which gives high odds for the market to make important lows in the first hour of the day.
- The market made it's lows in the first 15 minutes before a rally in the first half which was met by selling pressure at higher levels.
- On global cues, the market is expected to gap up. We consider a gap to be an open outside the previous day's range. It is important to see the market's reaction to the gap( if one happens). You can read about gaps here
- 5607 separates the two distributions seen on 20/ 7 where heavy selling volumes had occurred.
- 5618 is PR3 for the day and prime resistance.
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:
Mkt staying above PR3.
Old resistance becomes support. No threat of breakdown till PR3 is held.
PR 3 held till the end. In the process the market became right translated which is partly bullish.
5583 is the reference line to hold for Monday.
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