Here is an updated chart of the Nifty.
My last post on the subject is here- http://www.vtrender.com/content/nifty-profile-0
In that post we had seen the market coming back to the POC at 5117 since it got slammed down by the news from RBI.
The updated chart shows the NF taking the entire week to repair the single prints from Monday immediately after the announcement.
This is a bullish development as it shows that the seller from Monday was neutralized gradually.
Today was an inside day in the NF but a look at the structure of today ( extreme right profile) shows the distribution in the upper half of yesterday's move and in the thin part of the profile.It gain points to a strength building exercise.
The day was a neutral day with a close at the upper end of the range. We always keep an eye out for neutral days especially the ones which are coupled with an inside day built in.
On a week-on-week basis, little was changed.
The purple line running through the centre of the 2 profiles is the POC or point of control. It's been flat for the past 15 days now.
Once again it shows how the option writers have a big hold on the market.. The writers of the 5100 pair have been the biggest winners of this week.