Perspective : The markets are now consolidating after a steep and quick 200 point fall. Value is being built sideways.
Back Ground :- Sideways development.We spoke about two high volume points yesterday- "High volume node at 5553 to slow down action if there is a big gap up" and "Prominent POC is 5490 from a bell shape and will be an important ref point". Both these high volume zones were the high and low points for the market yesterday.
Chart Speak :
- Profile again balanced indicating that buyers and sellers were again in agreement.
- Value is being accepted lower after the big move down
- Value area low of 5514 is an important reference point for action today, and will decide moves either side.
- Lower support is at 5481 and then 5449.
- Resistance above 5547 will be at 5579.
The above post is for purpose of education only. Similar charts are posted for the BN, LT, RIL, ICICI, SBIN everyday on our premium website http://www.vtrender-2.com
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