Nifty Future chart July Series :
Perspective : This market is clearly balancing with short volatile moves last week in either direction failing to resolve the impasse.
Back Ground :On Friday, we spoke about “5584-90 zone as a pivot for the day’s trading around which a move to 5636 or 5547/ 5531 can take place” The first part of the move was over within the first few minutes of trade. We continue to see 5593 as an important pivot for this week.
Chart Speak :
– A b shaped profile, with a larger part of the auction below the previous day’s POC.
– Day’s value area 5598-5571 is important for new moves.
– Larger bracket is seen between 5511 and 5675 with 5593 as the pivot for the week.
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