Perspective : All eyes will be on Fed meeting later tonight and larger longer term participants can be expected to remain on the sidelines today as they wait for the decision. In a low confidence environment, it makes sense to remain on the sidelines, till a clear picture emerges.The larger market is in a sideways consolidation mode.
Back Ground :-
1) Huge gap between 5325 and 5233 which is a single print seller.
Chart Speak :
- Balanced profile yesterday within a 5 day balanced structure
- prominent POC at 4866 may stall movement in the initial part
- 4898 is PR1, above which the market turns up for 4932/ 4967
- 4830 is PS1, below which the market may move to 4795.
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