We have had a market opened above range and away from value, implying the longer term participant controlling the tape for today.
Expect a large move either side today.
For the upward momentum to continue, price needs to auction above 5465 first and then 5485 on the hourly.
The following are the value areas for today :
9994-9935-9912 price profile BN
5423-5389-5376 price profile Nifty.
Often the market throws at us recurring patterns which look simple and symmetrical in hind-sight.
An example would be the last range between 5355-5411 which was predictable till it had to give way.
I was looking at some previous charts and found this symmetry.
I don’t want to read too much in it, but helps to keep it at the back of your mind.
Notice the similarity in the bar action as pointed by the yellow arrows and notice the similarity of the opens.
I maintain what I posted in the morning: the positive momentum continues only on an auction above 5465 levels.