Nifty in Profile

On the 2nd of May we did a post on the open drive seen in the Nifty and the long conviction which was then yet to set in with this chart :


Nifty Mp 36 0 Nifty In Profile


The post had projected targets of 6113 May which was hit and a correction immediately set in.


Fast forward to today and we are at similar levels again with the Nifty at a point where it can go down or up.


Let's look at the profile since


Nifty Mp 39 Nifty In Profile


The Big trend day of yesterday saw a poor structure at the lows.


A student of profile will look at it and immediately think that it needs a repair. So we should see a move upto 6037 which should be able to strengthen the profile of yesterday.


In many ways 6038 May will be the pivot level for the next swing which can decide the tilt as back to 6100 + or down to 5900.


OrderFlow will be important as the market moves c loser to 6038 later today.