After the big trend day and the open drive on the 10th, stocks haven’t done a lot but have managed to stay in the upper end of the trend day’s profile.
The above chart is a combined auction picture of the past three days. On a trend day it is often difficult to see value as the distribution is not a normal distribution and the profile has longer term interest. However subsequent organisation brings it back into the realm of a normal distribution and it is easy to see where the value is being created.
The chart still shows the open drive at the base of the consolidated profile but with no excess at the top.This implies that the buyer is more dominant than the seller and we are likely to see an upward extension soon to bring the profile structure back to normal along with symmetry.
The bank Nifty broke through previous day’s d shaped profile and auctioned higher today. value is being created higher in the profile and again shows buyers in control though some responsive selling was seen at the previous high volume node ,