What was developing as a fine balance zone from yesterday suddenly turned into a neutral extreme with some big sized algos first in the BN at 9705 and then in the NF at 5017 turning the tables on a quite session.
OrderFlow caught the sell in the morning which did not produce much results below the HVN of 4975 and as the IB band trade played out big buyers stepped in to force some short covering and a b shaped profile.
A neutral extreme, a spike into the close and a 3IB day would mean that the buyer would have to continue the momentum up above today's session high on Monday morning.
Here's a peek into a slightly longer time frame chart with the Volume profile picture.
Please click on the chart for a larger view.
The green composite picture on the right is the cumulative volumes in the Nifty as it has traded in the 5600- 4500 zone.
4860 below had the largest volumes and the next big one is at 5205 which should be the next resistance for this move,
The area marked in red is a low volume zone and an area to watch for rejection of price.
The black lines are the high volume points which have not been visited ( Virgin POC's)
I feel that the market can stay in this 200 point band for the rest of the month as it requires trading volumes.
4970 on the lower side and 5212 on the higher side should be the range the market should consolidate in.