Today's profiles in the Nifty and the Banknifty put up contrasting opinions with the NF having succeeded to move past a previous known resistance and the BankNifty meeting resistance at the previous day's high.
On the positive side for the NF, the profile continues to exhibit solid structure and zero anomalies which always spell good for a trend.Value is being created higher and the NF has managed to stay above the value areas of the previous session.
The p shaped profile does seem to suggest more shorts coming out of the system, but does not reflect new hands bidding the market up. The move of today beyond the seller's reference lines of yesterday did not have a large amount of participation as reflected in the EOD volumes.
We need to see the market stay one more session above the 5430 level to confirm today's move. Above 5497, this market should attract more buying and fresh legs.
The BN had a non trend day today on poor volumes.Price action was random.
Such days tend to resolve into big trend moves. An exit of value and range would be a great trading opportunity as one time frame takes control.