As a follow up to the post I made in the morning, here's a look at the same profile structure with the buyers and sellers moving in a 5 minute Timeframe.
First the Nifty :
The chart is a composite from November but showing the last few profiles in blue streamers.
The composite structure is on the right in black.
The pink horizontal which cuts through is the composite POC as well as the largest volume exchanges during the past three months.
It's safe to assume that new buyers reentered at this price and will look to buy every dip till this point.
Remember this line – it is at 5292 now.
Today's profile and structure and the overlapping volume of the past few sessions has the potential to take the market higher by 700 points in the next few months.I'm not the one to sit back and make predictions on markets, but we we will continue to monitor the movement and see if there are any changes which can happen to this view. Once we have a view, you sit back and enjoy the ride whist adjusting your Trailing stop and keeping an eye for possible changes.
Bank Nifty :
The Bank Nifty was the first to move out yesterday above the value areas posted on the twitter page yesterday. It's always been a leader and a very important cog to see if these are any changes to the larger view in the markets.
The composite shows high volumes in black and a POC a little lower at 9791. As long as this price is defended there is nothing to worry in terms of an imminent fall.
Yesterday's high volumes at 10610 are also a nearby support.