Yesterday's big auction lower in the Nifty and the BankNifty found support at the first reference point highlighted in the Nifty chart over the weekend and the second point in the BankNifty .
Those charts were posted here – http://vtrender.com/content/profile-charts-may-series-nf-and-bnf
Here are the updated charts :
The Nifty profile from yesterday shows rejection near the top but small excess at the bottom.
Inference- Market is still in the range and likely to remain inside with a marginal increase of the balance above.
It's getting clearer in the BNF with the seller controlling prices near 12688 and the buyer from the excess low of 12280 buying dips to that point.
This profile is beginning to form a balance with a POC near 12500 and value area developing between 12416- 12620. The Profile is beginning to look complete and upon an exit in either direction can look at 11900 below or 13100 above.