The market has opened around 5300 with the low of the day being 5299 so far.
2 points above our 5297 ref level, if this is protected then we will move up from here.
Below 5297, the first level I see is 5276 and then 5246-58 from last week.
US futures broke below 1104 levels and now have seen 1090 so far. Let’s see if 1083 is protected there.
Earlier I had called for the Nifty to reach 5344.How did I reach this figure?
If you had seen yesterday’s profile, the seller took control of the tape from this level and drove the market down to 5322 and then 5311.
This level had to be met by the buyers today. Incidentally it is also the high of the day so far.
Our other level from last week/ start of the week of 5297 has also held up well.
Market Profile is a very simple system. It is all there in the price and the volume. Follow it and trading becomes simple.