The seller returned, in a very unassuming manner, and just when I was tired and ready to throw off my short position.Thank God I didn’t.
So what’s in store tomorrow?
The 10 point gap at 5262-5272 created in the futures by March expiry is now filled and we should be ready to move higher tomorrow.Also the stampede to exit near the closing is always an indicator that higher prices are ahead.
Since 5262-5272 has been reached, I would look at an auction between 5272-5302 in the first half for tomorrow.Above 5295, which is VAL tomorrow, price can also target 5320-5325 in the morning session itself.
On the flip side, weakness below 5260 will bring 5225-5230 as in yesterday’s projection.
As marked in the chart I will be watching for the return of the seller around 1.50 to 2.15 pm. He’s showed up twice in two days at the same time and I would be watching out for him tomorrow.
