The correction since 5630 has been choppy and volatile last week giving both side moves . This may now be nearing an end with an expected trending move to unfold shortly . Let us check out the charts and data for the probabilities and critical levels ahead-
1. As can be seen the Indicators in Daily TF shows choppy trade since recent Top and now seem to be on the verge of breakout soon .
2. The critical data of FII's trading shows relentless buying since the recent top of 5630 . It signals buying on dips by them and hence an upward bias for trading ahead. ( Data courtesy Moneycontrol.com ).
3. The Futures data shows rollovers beginning for April series and strengthening of 5100-5200 Support levels as per Option data of this series.
Further in April series the Options Data as of now also indicates the same as Support area and a probable range expansion upwards as per Call addition.
4. The Elliott Wave Analysis for short term has both the probabilities open, that of an upward move considering a Triangle Pattern formation since 5630 (Black counts ) and that of a move down (Red Counts ). The near term looks positive for both the counts.
5. The 10d Volume Profile indicates a buildup at 5270 level apprx. with other critical levels marked.
1. The correction is likely to end soon.
2. The charts and data have an upward bias as of now for near term.
3. Apprx. 5270 can be used as Positional SAR for trading near term on closing basis. Upward targets are 5365 and 5430 and that lower may be 5200 , 5150 , 5080.
The move will gather momentum above 5445 ( Budget day pivot high ) and below 5080 (50% retrace level of 4532-5630 ) on closing basis.
4. The alignment of POC's in various TF that I follow indicate that breakout for near term can happen as early as next trading session on Monday.
5. Be cautious for a whipsaw of SAR even on closing basis owing to volatility of Expiry week.