The market put in a neutral day today.
The sideways bell shape with a close at the day’s point of control are characteristic of the market which is considered neutral by both buyers and sellers.
What you would also note from the chart above is that buyers and sellers distributed volume equally at all points in the volume at price histogram.There are equal blues and reds in the horizontal volume bars.
The market would now wait for the longer time frame player to step in and lead the market out of balance.This may or may not happen tomorrow itself, but that fact that today was an inside day would lend more to the conviction that the market may move out of the range.
The Bank Nifty chart is decisively more bearish than the Nifty. We had noted that the Bank Nifty was not close to the highs yesterday at the close.
The message from the market would be to adopt a neutral posture and play an exit of value as a confirmation that the market wants to move.
The Value areas are :
Nifty : 6317-6310-6306
Bank Nifty : 13123-13090-13080.
