Here's beautiful price action documentation. Please refer the 5-minute char of Auropharma stock. The scrip opened with a huge green candle. It was clear from the start that the bulls were in charge for the day.
Next one hour price wasn't moving anywhere. In the process a Triangle pattern developed. All along Triangle’s development RSI took support above 60 levels. Eventually, price broke out of Triangle pattern to reach a supply zone marked in red horizontal box higher. It was a favorable Risk-Rewards ratio buy opportunity. Price made a top near 674 little above the supply zone. A little while later price retraced back to 'r1' pivot and started a sluggish rise.
What about Nifty 50?
Here's an account of Nifty 50 price action. Please refer the 5-minute chart of the broader index. Nifty opened near previous close with a bullish candle.
Looking at the pivot width relationship we find that today's CPR is smaller and higher compared to the last session. We could expect a trending day.
Nifty kept rising and as expected hit the strong supply zone 17330 levels. Once Nifty reached the supply zone, from 11:30 A.M. to 2:00 P.M., the index moved sideways. Taking support near the area between pivots ‘P’ and ‘r2, Nifty bounced off and continued its ascent for the rest of the day. Nifty 50 closed 1.37% higher for the day.
