Nifty :
As discussed in the weekend post, after a neutral extreme day, we were waiting for Buyers to step up and take the market forward this morning.
That wasn’t the case. The smaller IB again showed that buyers were on the sidelines and sellers again gradually took over the market.
After a normal distribution and a D shaped profile which is almost equal intra day strength of buyers and sellers, it is normal for one party to weaken and the other to get stronger. The result was a normal variation 3I day where again the focus would be on buyers reacting to lower prices tomorrow.
Today’s profile again does not show single prints at the base. It is very rare to get a short term bottom without a tail below.However the POC has remained visibly up at 4857-63 levels.
Large one time volume was distributed at the close at 4771 and then at 4835.For tomorrow the market will get minor strength if it trades successfully above 4803.
Bank Nifty :
The Bank Nifty had a similar profile to the NF.
The P shaped profile is longs of the previous day exiting their positions.8596 and 8659 are irregularities which should be addressed.
The largest one time volume was seen at 8751.
As discussed in the weekend post, after a neutral extreme day, we were waiting for Buyers to step up and take the market forward this morning.
That wasn’t the case. The smaller IB again showed that buyers were on the sidelines and sellers again gradually took over the market.
After a normal distribution and a D shaped profile which is almost equal intra day strength of buyers and sellers, it is normal for one party to weaken and the other to get stronger. The result was a normal variation 3I day where again the focus would be on buyers reacting to lower prices tomorrow.
Today’s profile again does not show single prints at the base. It is very rare to get a short term bottom without a tail below.However the POC has remained visibly up at 4857-63 levels.
Large one time volume was distributed at the close at 4771 and then at 4835.For tomorrow the market will get minor strength if it trades successfully above 4803.
Bank Nifty :
The Bank Nifty had a similar profile to the NF.
The P shaped profile is longs of the previous day exiting their positions.8596 and 8659 are irregularities which should be addressed.
The largest one time volume was seen at 8751.
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