hey guys.. looking at nifty on the daily and honestly the volume profile is giving off some weird signals.
we’re sitting right at 24326, basically hugging that lower blue support line after the recent flush.
If you look at the profile on the right, the value area is clearly shifted much higher- that red line/HVN near 25900-26000 is massive. Where we are now looks like a low volume node or at least a high-conviction zone where price isn’t spending much time.
the may 12th option chain is interesting too. seeing some massive call side build up at 24350 (+103% OI) and 24450 (+121% OI). it feels like the sellers are really capping the upside for this expiry. puts are coming in at 24300 but the call wall above us looks way more aggressive.
Are we just looking at a dead cat bounce here since we’re in a low volume pocket? if that 24200 level fails to hold as support, do you see us auctioning much lower to find the next high volume area?
would love to hear from anyone tracking the AMT or order flow side of this.. feels like a bit of a stalemate right now. thoughts?
