Here are the orderflow charts of the past three sessions in the NF and the BNF.
Notice the buildup in red orderflow from Wednesday and the increase in shorts on Thursday at the highs.
This is evidence of the market being a "sell on rise" in the short term. On Friday at the close we had some shorts cut back on their positions from the day before or even earlier in the week. But the market remains short in the smaller TF.
The other inference I want to draw from the above chart and an important one from the next week's perspective is that new shorts refused to come in at the lows of last Friday.It could be that the market players chose to book out some profits and we would elaborate more on the same in the webinar at noon tomorrow.
The bankNifty chart also has new shorts on thurs with no new added at the lows near 12300.
When the markets open on Monday they should be auctioning in the spike zone of friday. Acceptance above the spike high is bullish and negates the move on friday.
Also since we have this delta tool now, wtach for the addition or lack of additions in the spike zone