Nifty Future chart July Series :
Perspective : Unchanged from yesterday– The 5 day profile is developing into a bell with single prints at 5576 below and 5702 above.Yesterday’s profile was contained within the profile of 1/7 and a break of range or a test of the bracket extremes should be the next step in this sideways development.
Back Ground : We spoke about 5665 being important resistance and the market developed a high just above that.The markets weakened once auction happened below 5648.
Chart Speak :
1) Value area developed is between 5653 and 5632.
2) Upside Resistance seen at 5673 today whilst support will come at 5612 below.
3) Trade is still within the profile of 1/7 and any move above or below should fetch the next 60 points.
4) Look for acceptance of price above or below the bracket extremes as price can probe to take out weak hands. Only volumes can confirm price behavior.
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