Here is a look at the Nifty and BankNifty futures.
The profile chart above shows the balance at the bottom of the chart between the 1st and the 4th of april.
Remember in auction theory that every balance is followed by an imbalance and then a move back to balance.
The chart above is the best example of the above.
We will track the OrderFlow in the chart now from this balance zone. The longer orderflow chart from the earlier balance zone of 20th feb will keep getting updated in this chart here- https://docs.google.com/spreadsheet/ccc?key=0Ase3dtbFwQWUdFFpWFFudkx1VV9XVUQ1cjllVlFyVGc#gid=0
The chart above shows that after the delta was green in the initial part the latter part of the move did not show strong hands supporting the move up.
11900 in the chart above is the vwap of the rise as well as the dpoc of the entire move up.
The delta is not showing a lot of big green buying above 11900.Hence an assumption can be made that should the market decide to probe lower that there can be a readjustment of positions around the 11900 levels.
The NF chart above shows the same structure as the BNF with a balance developing lower and a trending move higher.
Even the delta picture is the same with freen shown in the consolidation below on the 1st to 4th and the move above 5823 NF not getting a lot of green,
The above shows that there is not mucg buying interest at higher levels and hence a consoildation or even a pull back will be needed for the market to reconcile.