The left of the chart gives the heavy volume at 6039 which is the next important level below 6124.
Holding 6039, there is reason to believe the market will auction upto 6139 again.
6139 was where the morning buy auction shut off.
The sell auction from 6105 was met with buying at 6046, six points above 6039.
Bank Nifty :
There are two profiles in the chart above.
The one on the left is the movement of the BN from 7th Dec to Monday Morning of the 3rd of jan.
The profile on the right is the movement of the BN over 3 days.
As you can see the BN has almost covered the entire month in the past three sessions.
Areas below 11130 and above 11950 represent “excess” or rejected auctions.
As we move lower notice the POC has moved to 11290 by the close and 11330 represents value low for the previous auction ( combined )
Hence tomorrow a move above 11290-11330 would give the market a fair chance at 11510 or 11570 which are the POC of the balanced profile on the left.
The normal profile is here :