Perspective : After the sell-off yesterday afternoon, most traders were scrambling to check the wires and the channels for news which had caused the slide to happen. That's the kind of effect news driven environments have on traders and we are in one right now, so traders should not let go off their guard.
On another note, the warning from S&P and Moody's on US debt needs to be taken with a pinch of salt, as these same agencies had declared mortgage based securities AAA before the credit crisis began. Overall it leaves me wondering whether they are just leaving the dour open for the FED to unofficially do another QE3 as the US fed will have to buy all debt finally, junk or otherwise.Incidentally the buying program has been going on for almost two years now.
Back Ground : We spoke about 5550 to support the market and " above 5621, 5645 and 5668 can be done". The highs of the day were at 5667.
Chart Speak :
- A 3 I day which gave up all gains at the close, something expected from the market the following session.
- a Large value area would mean a consolidating kind of day
- we see 5584-90 zone as a pivot for the day's trading around which a move to 5636 or 5547/ 5531 can take place.
- larger bullish move can happen over 5636 to take the market to 5688.
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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5 comments:
@Shai/Viren,
Any calculation method for prime levels or any AFL?
Pls revert back.
Chandrabose
@ Shai,
Good post again.
wanted a view for a slightly longer term. are you bullish or bearish
@ Aayuushman,
It depends on your time frame. In the very short term we have a sideways market.
If you want to look at it from a buyer seller perspective, the buyers managed to get 500 points in the first 15 days and the sellers have managed to take back only 100 in the next 15. Clearly the sellers aren't doing a good job in the selling!
Support below for the market is 5440 NF.We are flagging after a big run.
@ Chandra,
There is no AFl or calculation. It's based on Market profile and the range is calculated based on the Vix formula discussed here on the blog.
@Shai,
Thanks for your response.
Pls indicate link to read VIX formula discussed.
Regards,
Chandra
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