It seems we have another quite morning on our hands in the first session today.
5266-5271 should provide initial support below which value areas will have to be watched.
Bank Nifty did not participate in the big run-up yesterday afternoon, so keep an eye on it for weakness and for short trades.
Here are the value areas :
Bank Nifty = 9548-9514-9479.
Profile chart of 30 min duration Nifty Future :
Uploading a volume profile chart 5 min duration yesterday and today.
Notice that the ‘b’ shape of yesterday is getting filled today on the upper part.
If the auction continues down then it should fill up 5225-5238.
Updated chart of the Nifty Future shows how value has been created in the upper part of yesterday’s profile.
The profile itself is balanced.
Also, notice that it is inside yesterday’s range entirely, also called an “Inside day” by traditional systems.
So we have to wait for cues on Monday.
I’m leaning to the short side a bit, but will take a call after the open on Monday.