Good Morning All.
The markets seemed to be coiled up again this morning.
I missed the entire day’s action yesterday, and am back just looking at my charts.
Will post some charts and analysis in a bit.
Here is a chart of the Nifty future.
We can see that the market is auctioning currently below yesterday’s value implying that sellers are in control.
Incidentally yesterday was a classic action of 80% rule again, open below value went to hit the POC as we expected in the EOD post and went up all the way to touch value high, before meeting sellers again at 5408/ 5411.
Who says that the market action is boring–It is so damn predictable 🙂 .
Let’s look at the Bank nifty chart
If we look at the chart, we notice that that value is being created lower as also an auction below the 9968 zone which we have been marking out all of last week.
The chart wants to go and meet 9842.