Nifty Future chart August Series :
Perspective : A new series opens on the backdrop of selling based on the RBI event and uncertainty over the debt issues from the world’s largest economy.The larger time frame may still be on the sidelines, waiting for an opportunity to enter or exit.
Back Ground :- The down auction from 57xx levels has already shaved off 250 points in the index in 3 days to create an imbalance in the market. The markets showed a return to balance by putting on a bell shaped profile yesterday.The move out of this bell shape is the new auction.
Chart Speak :
– A bell shaped curve.
– a Prominent point of control at 5502 with high odds of being visited.
– Bias below 5503 is negative today.
– 5459 is PS2 and 5437 is PS3.
– Upper resistance at 5525 which is PR1.
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