We are still laboring in the 5271-5320 range mentioned on Friday morning, which has held notwithstanding a small rise to 5335 on news.
This morning we have moved between 5293 and 5319.
On the larger weekly timeframe, Nifty has managed to negotiate well the “wall of worries” mentioned 2 fridays’ back.
So though we have had supply come in at higher levels, value has been created higher on the weekly.
Besides 5320, we have 5345 and 5367 to watch out for during this week. A close above 5367 will be extremely good for the buyers. (It is amazing how 5367 is showing up in other analysis now. We’ve had this level from last tuesday).
On the downside 5225 is the level to watch on the daily TF.
Chart of NF showing a weekly cumulative profile. As you can see that value has been established higher, implying that buyers are still in control.
Here is the chart of the spx futures also called ES.
The right hand side has a cumulative profile of the action.
As can be seen from the chart we are below the 1083 level which is a high value node on the chart.
A failure to overcome that level, points to more downside on that chart.