Today's Market profile chart, as mentioned in morning update Nifty Future bias as down ,it moved lower.But most selling was done in IB itself ,then saw strong responsive buying which made new high for day ..got strong rejection (creating SP on chart ) n closed near days low.
Opening Type= Open auction( open rejection reverse if we consider 6208 as traded price )
Day Type = Here i see two possibilities as shape looks like i) Double distribution Day and ii) Neutral Day extreme.
However looking at wide Initial Balance ( 6198 to 6155) and as both IB high n low got breached, market closed at one extreme i will go with Neutral Day extreme.
Notes for tomorrow,
1) Again single prints @ high
2) VA moved lower
3) Day looks like Outside day ( Bear Engulfing Pattern)
Sounds bearish ? Lets c tomorrows open n Open confidence.
Ref level to observe are 6120-30 on downside.
Happy Trading !!
Thank u shiree sir for kind words . :)
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