Nifty composite chart from 6338

Here's a composite profile of the Nifty daily from the time it hit 6338 in Nov 2010 to 4531 in Dec 2011.


The current prices and auction is included.


Spot 2 2 Nifty Composite Chart From 6338


The areas marked in pink are resistance . The ones in green are the High volume nodes.


Once can jot down these pink levels for future ref levels on the spot as they do not change till visited and auctioned again.


The large profile on the left has an upper value area around 5540 which is the gap zone as well as the minimum condition on closing basis for the upmove to continue.


the second profile on the right of the chart also has a balanced profile with a value area at 5377 and will become the second level of support of the shorter term auction.


Below that we may get a visit to 5260 which is the POC for the entire move and a level which will be strongly defended should the market get there.


Overall if we do manage a close above 5570 pink line then the market will find a way to 5833 and later 6083.