Nifty Spot Volume Profile Value Areas: VAH-6017, POC-5995, VAL-5973
I did an Analysis on Nifty when it was around 5100 level and everybody was pessimistic about the index going down to 4400 and lower, and I put my foot forward to say we may move higher towards 5870 and above and my analysis did come true. For the old analysis you can click the following link Nifty Analysis Old
Nifty had a perfect week for the Bulls with a gain of 107.8 point, approx 1.8% and closed above 2 years high. Coming back to the given chart pattern of Nifty, it is strong staying above the Value Area High of 6017 and start turning weak staying below 5995, with confirmed weakness below 5973. Above 6016, the next target is 6070 and 6145. Below 5973 a quick move towards 5930 and 5900 is possible.
Stay cautions at higher levels, anything below 5973 and the low volume are between 5980-5960 will get filled.
I did an Analysis on Nifty when it was around 5100 level and everybody was pessimistic about the index going down to 4400 and lower, and I put my foot forward to say we may move higher towards 5870 and above and my analysis did come true. For the old analysis you can click the following link Nifty Analysis Old
Nifty had a perfect week for the Bulls with a gain of 107.8 point, approx 1.8% and closed above 2 years high. Coming back to the given chart pattern of Nifty, it is strong staying above the Value Area High of 6017 and start turning weak staying below 5995, with confirmed weakness below 5973. Above 6016, the next target is 6070 and 6145. Below 5973 a quick move towards 5930 and 5900 is possible.
Stay cautions at higher levels, anything below 5973 and the low volume are between 5980-5960 will get filled.
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