Perspective : Yesterday's news based selling can be construed as an emotional reaction of the markets to anticipation. In such cases, it is better to react to the market's present situation on a more longer term time frame.
Back Ground :- After cutting short positions on Monday and Friday,yesterday's slice through the value area show a rejection of that zone and those higher prices. The value area of Monday was covered in single prints, as traders took the market back in the previous bracket
Chart Speak :
- We are back in the previous bracket of 5675-5536
- Expiry pressures and news from overseas markets continue to make this an emotional trading environment.
- Most of yesterday's distribution seen between 5616 and 5562, again showing the market's likeness to the previous bracket.
- As long as 5548 holds, recovery efforts will be seen.
- Minor strength above 5589 towards 5610/ 5630.
- A close above 5605 can put the market back up to 5675.
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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3 comments:
Dear Shai, can todays movement taken as 80% rule???or opening below Val is requirement??Thanks
@ Bizagra,
Yesterday's value area was large and spotted with single prints.
In such cases 80% will nor give you the desired results.
OF of gold posted.
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