XRAY bro, What does a triple distribution day tell us? Was nifty in triple dist today?
b Shape Profile -occurs during bullish upward moves and develops into a shape similar to the letter b. The top half of the profile is long and thin, typically single prints representing low volume rejection. The lower half of the profile has a more wider distribution. This formation is typical of long liquidations signalling a pause as opposed to bearish sentiments caused by the entrance of Initiative Sellers reversing the market direction.
Today morning,
Weekly pivot, daily support 1, virgin POC (17th Aug), previous day low, WVAL all are around 8640-55 range. Afternoon bounce didn't break that range. So that will act as resistance tomorrow.