Here is a 240 min chart of the Nifty spot for this calendar year.
In my last post I had mentioned about the liquidity flowing in the global stream.
When liquidity decides to walk in the door, all your indicators and analysis take a back seat as Price pushes higher.
The saying goes- Only price pays!
In the chart above we have :
1) A composite POC in white running across the chart currently at 5247
2) A profile charted from the last top at 5630 made on 22/2
3) Value areas in green for this profile
4) The pink lines are the low volumes nodes running across the chart
5) The green lines are the high volume nodes
We are currently holding above the last LVN at 5545 which will keep the movement up in the short term. Expect bulls to rule as long as this point is held in the spot.
Right above it is the last HVN for this profile at 5590 which is a target for this move up in the Nifty above 5545 spot.
Lower levels of support are 5514 and 5470 in the spot.
The advantage with using prices from the profile for support/ resistance is that they do not move or change every hour or day and can be memorized easily.
The bias for the move up remains strong as long as spot is above the VAH at 5400 spot now. Every dip to this levels will be bought.
The white composite POC is also an indication that buyers are controlling the action.
The auction should slow down as price reaches HVN 5590.
Today's upmove has not seen strong responsive selling at the open and prices are likely to finish around here today. a pull back if any to fill the gap can be only on market disappointment with the RBI on Monday.
It's been that kind of a week where news has driven prices and is likely to continue until Monday.