Here is the Profile chart on the Nifty May future
We had a neutral extreme day in the markets today.. The closing was on a spike higher. Generally such days require an open above the day high for continuation the next day.
Should that not be the case, the spike zone can be auctioned. Also the failure of the DPOC to rise would mean that a move back to test 4940 will be on the anvil.
That's shorter term, but on a larger level, the ability of the market to stay above 4940 tomorrow will put it back to test the bracket lows of April at 5160 zone.
We are seeing value going higher and the market doing range extensions on the upside. As long as the NF stays above the VAH of the previous day this will continue as a process.
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