Perspective : As the market moves into the lows, we watch out for signs of capitualtion to signal a bottom which can last 4-6 weeks.Even if the market bounces from levels, we also wait for the market to test for remaining business at critical levels.
Back Ground :-
Chart Speak :
- A neutral extreme day with a close at the positive extreme
- A neutral extreme day should be watched for continuation of drive
- A neutral day marks the presence of buyers back into the market
- We saw a failed auction at 5387.
- Failed auction point has to be visited in next 1-5 sessions, also confirms the view marked in perspective above
- A reversal below the failed auction point is a new auction, as also a new IPM.
- 5422 is PP0 for the day with 5446 being PR1 and 5397 as PS1.
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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