yesterday we looked at split profiles of the Nifty and saw a balance developing which told us that there was a move to imbalance coming up.
That move took the NF to 5773 yesterday, just short of the HVN at 5788.The market then distributed as it rose higher as sellers took advantage of higher prices.
Here's a longer term view of what is happening from RBI day- March 20th.
The multi day profile since March 21 is now creating a large balance which is not yet complete.
This can only mean more sideways activity as the balance takes the shape of a letter D.
5674- 5755 seem to be the developing value areas around a pivot of 5718 which should set up a test of either extreme.
The structure gets invalidated above 5788 and below 5640 April prices.