The NF continued to build value higher in a P shaped profile today which showed that shorts from late Friday covered early in the day.
Value continues to be built higher as we track the movement of price and monitor it for trend changes if any.
Today’s profile shows single prints in the value of Friday clearly rejecting the move lower seen on Friday.The Single prints highs near 4754 become an important ref point for market action now.
Today’s resistance was in the high volume zone from 16/12 at 4803.This turned to be the day high also. Momentum would increase above this point tomorrow.Large volumes were seen at 4782 which will be short term support.
The BankNifty put in an Inside day with a prominent POC at 8379 again. Unlike the Nifty, this profile seems to be moving sideways now which would be an evidence for signs of change developing internally.
Per the inside day concept we will look to trade on exit of value and range tomorrow.