Nifty Future chart August Series :
Perspective : The markets are now consolidating after a steep and quick 200 point fall. Value is being built sideways.
Back Ground :- Sideways development.We spoke about two high volume points yesterday- “High volume node at 5553 to slow down action if there is a big gap up” and “Prominent POC is 5490 from a bell shape and will be an important ref point”. Both these high volume zones were the high and low points for the market yesterday.
Chart Speak :
– Profile again balanced indicating that buyers and sellers were again in agreement.
– Value is being accepted lower after the big move down
– Value area low of 5514 is an important reference point for action today, and will decide moves either side.
– Lower support is at 5481 and then 5449.
– Resistance above 5547 will be at 5579.
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