Here is the updated chart at the close of trading today.
This chart was posted in the morning here : http://www.vtrender.com/content/profile-check-2402
We had mentioned that the odds of a rotation were higher to fill up the low volume zone.
The chart on the right shows the profile completing the auction in the low volume zone.
We also had a good bounce from the HVN at 5456 which turned into the low of the day.
Looking ahead we are having a close below the weekly value area low in the Nifty future for the first time in weeks.
Here's a split profile of the same:
The greyish white zone on the right is the value area and the purple zones are the volumes transacted..
As mentioned in my tweet this morning, I still see no aggressive selling by market participants only longs booking profits and moving out.This is confirmed by the fact that we still do not have excess at the top of the weekly profile. The selling has been responsive rather than initiative and is not a sign of a trend change.
Intra day weakness on Monday below the HVN of 5454 but there are ample supports below. On the other hand a trip back into the weekly Value zone near 5530 will have shorts running for cover.
[learn_press_profile]