Solid multi distribution down trend day in last session..21250-21280 marked as resistance. If held this zone then expected drop to 21190/21150 and below and once moves above 21280 then 21330/21370/21415/21440-21450 expected. NF gone for 21150 at open then open test drive up started accepting above 21280 which pushed straight to 21440 quick at end of IB then all day gone for two way balance. Finally ended at high clearing 21450.
Short covering profile with buying tail at low..Not committed buyers at close from inventory point of view. Buyers who closed at highs should defend 21440-21470 and stay higher early in session to test 21525 if sustains then more squeeze move possible towards 21560/21590-21600 then rejection possible to rotate down..21635/21670/21720 if no rejection around 21600. Outside chance above 21720 for 21770/21820-21840.
Not able to stay higher above 21560 and dropping below 21500 into today short covering profile range could push for 21470/21440 which should act as pivotal support for the day..If goes means 21400/21360/21320-21290 filling value area probe possible..Quite weak if stays below 21280 for 21240/21200 and more..
Still considering same 21560-21620 zone as strong res zone for swing short view after last session solid sell off.Expiry of monthly settlement mostly based on how this zone is behaving if goes higher.
Charts and data :
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