Here is an intra day chart of the Nifty Spot stretching back to the 4th of may.
As you can see that the range from 5135 spot to 5020 spot represents a minus development region and the Nifty is taking the first steps today to rectify the scenario.
What do I mean by this ? Very Plainly Profile Picture is telling us that we are in the first stages of a move to 5135 levels if the above is true.This can stretch to the next few sessions quite easily.
There is a downside risk too ( as with anything else in this market ).So I am willing to go with a possibility of 4987 being touched as the downside risk to this scenario being intact.This is the importance of the 4987 level.
However an auction below 4987 should bring Viren’s 48xx levels into play.
