NIFTY_VP_ANALYSIS

Volume Profile Analysis
🟢 Considering current trending move of 15509-17800 POC lies at 17378 where two strong price volume breakout candles were seen. So that looks like the first support at the moment.
🟢 First value area low placed at 17228 below which #Long unwinding pressure may be seen.
🔴 Breakdown below 17212 it can open gates till 16754-16181 which is next VAH and VAL.
🟢 Considering the major trend 14200-17800 POC is placed around 15800. Which is far away from current levels. 15509 is next following demand zone. In case #Nifty tests these levels can be a reinvestment zone.

Technicals
🔴 Momentum indicators indicate overbought. Nifty D(85), W(79.22), M(79.10). No signs of exhaustion in price charts.
🟢 #Nifty notices OI reduction which indicates profit booking and in daily it has formed a SoD candle.
🟡 Many have been waiting for correction and the wait has been further delayed with each massive move from the #Nifty
🔴 Historically such high RSI levels > 80 in Weekly/Monthly is followed by a decent correction in the equity markets.
🟢 Still as long as #Nifty is trading above 17366/17212 on day closing basis all looks fine and in favor of the bulls.

Global markets
🟠 US markets closed lower on quadruple witching day. Looks like market worried of possible corporate tax hike in budget.
🟠 European markets opened very strongly but pared their gains and closed lower due to strong profit booking.
🔴 Dollar index had a spurt and closed near 93.24 putting pressure on precious metals. Silver down by another 2.33%

Institutional Data
🟢 FII's had strong buying figures even though #Nifty fell 200 point from Friday #Intraday highs and closed lower.
🔴 All good news being factored in markets would require fresh triggers to scale new highs. Else mild consolidation or profit booking may be seen. At these levels investors should remain cautious when global equity markets are seeing profit booking.