The trading range in the past two weeks has been 5225-5377.
Viren had mentioned in the comments today how the CE writers at 5400 and the PE writers at 5200 have been adding Open Interest.
Girish had put in a request for profile charts.
Here they are for the past two weeks, nine trading sessions :
Notice the supply coming in at levels of 5320 and 5344 and the value slowly drifting lower.
We maintain that the market needs to close above 5367 for the bias to turn upwards.
Till then every move up to 5244 will be sold into.
Here’s another look at the chart from a weekly perspective.
The value area on the right is developing and will take into account the auction tomorrow.
However the lower value created is clearly visible.
On an hourly timeframe we have been held up at 5225 where buyers have showed up.
But the charts clearly show the on an end-of-day basis there are dark clouds looming over for the bulls in the market.
If things don’t change a lot tomorrow, then next week 5225 is surely to break.
Join me then to catch the action as it happens.
.
Viren had mentioned in the comments today how the CE writers at 5400 and the PE writers at 5200 have been adding Open Interest.
Girish had put in a request for profile charts.
Here they are for the past two weeks, nine trading sessions :
Notice the supply coming in at levels of 5320 and 5344 and the value slowly drifting lower.
We maintain that the market needs to close above 5367 for the bias to turn upwards.
Till then every move up to 5244 will be sold into.
Here’s another look at the chart from a weekly perspective.
The value area on the right is developing and will take into account the auction tomorrow.
However the lower value created is clearly visible.
On an hourly timeframe we have been held up at 5225 where buyers have showed up.
But the charts clearly show the on an end-of-day basis there are dark clouds looming over for the bulls in the market.
If things don’t change a lot tomorrow, then next week 5225 is surely to break.
Join me then to catch the action as it happens.
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