Today I’ll let the charts speak !
These are profile charts and they record buyer seller activity.
First a look at the Nifty action for today :
Notice that once Nifty broke down below 6280 which was VAH, it didn’t manage to get above it. What it did was it stayed below yesterday’s VAH at 6280, broke down below 6250, struggled at 6223-6231 for a bit, broke below VAL at 6211 made a low at 6179 before it reached 6211 again
Why am I emphasising these levels in bold !
Because dear reader they were posted for you last night here at this place : http://www.vtrender.com/2010/10/charts-for-14th-oct.html
Here they are for you again :
I’ll post the bank Nifty chart action for the day too :
You can check about the lows of the day today in last night’s post.