A developing P shaped profile turned on it’s head in late afternoon trading with first sellers driving the market to day lows and then buyers showing up to take the market to day highs.
The day was marked by one 50% of the 80% rule completed and another in the afternoon which went on to complete the rule fully.
You can read about the 80% rule in this post here
For tomorrow’s trading the spike into the close from 4806 to 4840 will be the focus. Acceptance above the spike high is bullish. There is a High Volume node at 4848 which will also be the focus of tomorrow’s session.Sl for all longs will be 4806 which is VAH and also spike lows.A strong showing above this high volume node can make the market target the failed auction at 4940 on it’s fourth day tomorrow.
Trading below 4806 the 80% rule can kick in again and the market will look to go down to 4760 again.
Big volumes were seen at 4742 at the open and the close at 4837 also had good volumes.
The BankNifty had a neutral day which showed the presence of buyers and sellers and stopped the one time frame ( read seller) movement of the bank nifty lower.
The lows at 8380 showed very good volumes as also 8532