Nifty future opened above prev day value area again met with responsive sellers pushed price inside the value area (Open drive down) and stalled at 8430 yesterday's Poc. A neutral day ( bell shaped) with value area overlapping suggest a temp pause to existing rally. The slow move either side suggest market likely to spend more time in this zone. On a composite profile it looks a triple distribution marking 8475 a key ref zone.
Key ref level to track here is 8520 / 8475 / 8400 / 8330 . We should look for faster move on price leaving this zone to catch the next trade. Poor structure at 8380 zone is a sign of caution to add longs at higher levels.
Happy trading !
Jay
Key ref level to track here is 8520 / 8475 / 8400 / 8330 . We should look for faster move on price leaving this zone to catch the next trade. Poor structure at 8380 zone is a sign of caution to add longs at higher levels.
Happy trading !
Jay
