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Here is a chart of the Nifty profile showing two composite profiles from the week 12/12 to 15/12 and week from 19/12 to 20/12.
Both of these composites were balances and will have important implications going forward.
The Profile dated 16/12 shows a move to the top of the balanced profile which failed and resulted in a [panic bottom, in the next 2 sessions at 4537. It is important to note that again we saw evidence of a failed move producing a fast move in the opposite direction.
As we say at Vtrender often- from Failed moves come fast moves .
This profile will be an important reference point for the market’s behavior now.
Coming to the other balanced profile in the chart on 19/12 and 20/12 we are witness to a move which has created value higher. Also note the Buying efforts late on Friday and early this morning in the form of the single prints. The migration of value higher and the single prints at the base of the profile are pointing to us that buyers continue to dominate the landscape in the short term.
We would have to see if sellers come back into the equation. This will be visible from a value which starts going sideways to down,, single prints at the top of the profile and a close below Value area low.
Till then it is safe to assume that buyers control the short term and any trades taken on the opposite side will be highly speculative.
Here is the updated chart to the one which ws posted this morning
One of the basic rules of market profile state that if a markets stays above Value area high, it implies that buyers are in control of the day’s action.
4617 which was the value we were tracking was never really broken though it was tested several times.
In the ends, the shorts were forced to cover, as nervousness on global greens prevailed
The OrderFlow was a buy since 9.15 am and the trend is in the chart below.
Here is a 2 day profile of the NF:
The market is clearly in balance.
2 choices await our trading today :
1) The value area rule which will mean a trip back into the value area from current levels.The 2 day value area is the green lines and it’s the current lows of NF based on trading activity at 10.20 am .
2) Break of value and range which should set up the imbalance again.
Remember it’s balance to imbalance back to balance.
The Imbalance from Friday has been rectified and we are back in the mood to be in imbalance again.
Here is a mini composite profile from yesterday’s morning session.
c) Shows the morning session and early rejection of the drive from noon yesterday.The move down was however arrested at the POC from yesterday.
From the post of yesterday-
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