Its been a long time since i posted my views on this thread. Laziness...is to be blamed...
global cues and
ambani bhai-bhai milan gave us a good reason to gap up and surge up. But a viscous sell off towards the end of the day smelled of panic towards the end.
IF low of the day = close, then its pure covering of weak longs from the system. It can also mean plenty of fresh shorting. Either ways, Bears are wearing the pants in the house.
BUT,
I am trying to learn market profile and that gives us a different picture, It says that 70% of price action took place between 5014 to 4958 and the point of control was 4986.
The value area is higher than yesterday and the day before. TPO count says there were more buyers than sellers.
Tomorrow's opening can give us a clearer picture. One thing is for sure...build long positions only if we trade above 5014. The value area low for the day before was 4860which means we cam attempt to test 4844, 4730, 4638, 4476,4385,4235,4139,4055, 3949
Sound improbable right now, but lets look at the eod chart....
two support trend line were broken... that gives us next level of support at 4665--4567-4328-3905
USD at 47 Rs right now... below 48..it'll spell panic...
we are yet to see people believing that we can go down. Disbelief is just one step away from belief and then fear.....