Here is an updated multi week composite on the Nifty spot.
We are back in the big balance area of last week.
The break from the balance area on the 30th was met with a b shaped profile which indicated short covering.
The profile yesterday closed out all the single prints and was at the boundary of the previous distribution.
Today the market has gapped up and is back in the previous balance zone in an open which was OAOR with potential to move either side.
From a swing term basis the market now needs to look above the big balance zone and search for buyers.
5703 on the spot ( as outlined) will be our reference level for upsides.