CASTROLINDIA looks like a promising reversal at this moment. We Initially, predicted an up move on 13th Yet, it gap down violently below the demand zone and just recovered from the bottom without any volume
Such a recovery without any volume tells us that there are no selling pressure in the market and this is just a mark down from long term buyers after...
The previous demand zone has been broken by the closing trade. But we responsive buying (according to Market Profile) from the buyers below leaving single prints and ending the day with an upthrust bar. There is a possibility gap up open .
This gap up open shall absorb the immediate supply zone. If failed we may see down fall, else stock will spend some time on...
Though breaking the below demand zones costs more volume and time, but when broken the fall i expect is nearly 30 to 50 rs as there are no demand zone further and it is the last available support region in the recent swings.
The above marked zones will play a major role in today's intraday trading decision, a rejection from the supply zone can bring the price to demand.
It will take either more volume or time or both to cross the above strong supply zone
Tata steel is undergoing bracketed short term auction, if the trend breaks the bracketed region with greater Volume then there is a probability that the stock might auction higher,else the stock will face consolidation for another week