Our reference level of 4887 will come into play and be a decider for moves in the Nifty.
Trend is 4825-4887 for the day. However a cross over above 4887 can bring 4925-4955.
4887 is the pivot around which most of the action has occurred in the past one hour.It’s tricky call for a short term ( intra-day ) direction at these levels as we can clearly see two- time frame activity in the markets today.
So we’ll watch. No point trading when you are not clear.
I have a meeting lined up in the afternoon, so I will be away for the afternoon session.
Viren and myself are compiling some educational material on Market Profile.We have decided against putting up an open link for the material, but will be happy to offer it to interested people on request. Those interested can send me a mail on email@example.com with ‘Market Profile’ in the subject line.
Also Viren has suggested that he will author a weekly newsletter on Market profile strategies for Nifty futures and options ranging one week to a month. Those interested in receiving a copy from him can send a mail at the same ID as above with ‘newsletter’ in the subject line.
Bias has turned up for the day above 4887 and with a stop below 4870.