- 5d Volume Profile shows that today's selling was on lower volumes. It also emphasizes support near 6000 level .
Break of 5960 will signify weakness. This level can be treated as the SAR level for tomorrow's trade.
- As per the EW count the 5th wave is on.Today the third subwave of this 5th may have ended and we may be trading in the fourth subwave .Ideally this should not trade below the first subwave end at 5990 level ( but an ending diagonal scenario is an exception to this rule ,which occurs as a pattern in the 5th.) Lets see the price unfolding tomorrow .
- Apart from Volume Profiles ,the Option Analysis shows support at 6000 level, by addition at 6000 strike puts today ,now nearing approx. 90 lacs.
- Fibo retrace of the last leg of the upmove also has support at 6000 level.
- Most importantly in this FII driven rally ,they are buyers today also in excess of net 1000cr. ,signalling that it may be a pullback only rather than a start of the reversal.
So weakness below 6000 level and further upmove above 6050 level.Trade cautiously.
4 comments:
Thanks RV. You write with such clarity that even an egg-head like me can understand it. :)
Regards.
rm
welcome rm,
still awake !!
missing morning walks??
Hope the writeup helps in the trade.:))
@RV
At old age one sleeps less, won't dream of missing morning walk - nobody charges brokerage there. :))
Thanks RV. You write with such clarity that even an egg-head like me can understand it. :) Regards. rm
Post a Comment