Nifty Future chart July Series :
Perspective : The first part of today’s session will be quite (or anticipatory) ahead of the RBI policy announcement.Regardless of what the policy says, It’s the market’s reaction to it which is supreme.The market has climbed 150 points in two days, anticipating an early end to the rate hike policy.Anything otherwise can send the market back into the bracket.
Back Ground :- The P shaped profile witnessed first on Friday played out fully today as traders cut their short positions.This market would now require buyers to step in to take the market higher.
Chart Speak :
– A double distribution ( DD) which is incomplete in the upper half.
– We treat a DD day as two separate auctions, with the next session to confirm the price move.
– A Minor buying tail at 5616 near the value area low of the previous day.
– 5661 divides the two auctions and price acceptance above 5661 will keep the bullish momentum intact.
– Resistance at 5730. PR 3 for the day is 5775.
The above post is for purpose of education only. Similar charts are posted for the BN, LT, RIL, ICICI, TTM, SBIN everyday on our premium website http://www.vtrender-2.com
