The Nifty had another balanced day today as it tried to break out of the composite structure.Volume was low for the day and even though there was a spike at the close, the NF needs to follow up on the late action.
For the day the profile was within the composite range and does not qulaify as break of range. Spike rules will apply at the open tomorrow where an open above today's high will only be seen as bullish.
Max volumes were exchanged at 5452 at the close.
The BankNifty had a P shaped profile with value continuing to be established higher.
The Composite structure shows today's activity above the value area high and almost at the extreme of the range.
The P shaped profile does point to some short covering at the open which took the index higher.