Nifty day of week change

Here is a revisit to a post we have done earlier on the bias each day carries between the open and the close.


That first post on the subject is here –


You may like to revisit that to check results from that time to today.


This is of academic interest rather than a trading strategy but may have relevance to traders who trade the cycle between Monday and Friday.


To re – emphasize we are tracking the move within each day that is from Open to Close and if the Close is greater than Open then the day is a plus day and negative if the close is less than the Open price.


What this ensures is that we do not get any baggage from overnight news or gaps as the day session plays out.


Dayofweekchange 1 Nifty Day Of Week Change


The lower panes each are marked with the day and give one bar every week.


We can see that the last three Monday's have gone down sizeably from open to close and that tuesdays' have been up in the past one month.


Here is a longer term view of the same data to see how it has played out.


Weekdaychange 1 Nifty Day Of Week Change



There has been a big chop in the way the data has played out from the last post.


But the common denominator still seems to be Wednesday which continues to be the best bet for taking a long position at the start of the day and carrying it to the close.