The BNF had a proper trend day started at one end and closed at the other. The NF had a P shaped profile generated from short covering.
Here are the charts for today’s auction ( All charts are of march futures )
The BNF is a trend up chart clearly showing a rising vwap and rising price.
In expiry week the delta pane above would be a bit mixed as rollovers take precedence over aggressive hunt for new trade opportunity.
The green and the blue show passive buyers in control all day.
The vwap at 12388 is the most important number in that chart for tomorrow’s session
The profile shows single prints upto 12360 in the chart.
So the Market would still favor longs tomorrow till it trades above 12360. However we didn’t see aggressive new players today above IBH so BNF may take it’s time to scale above 12470 seen today.
12588 and 12785 are the two targets to watch for above 12470 this week.
If however we trade below 12360 tomorrow, expect a quick 85 point drop to 12275 where the buyer must make a stand else it will be 12228 and 12180 all over again.
The NF profile was a P as the chart below shows.
P is evidence of shorts having covered in the market today.
The Profile is at the edge of the balance high near 6600 trying to break out but not making a good job of it still.
vwap of the drive of today is at 6587 and is support for tomorrow.
Below 6586 we will see NF drop to 6562 quickly.
Tomorrow could be a day of consolidation in a small range at least early in the session with the key being to see if yvwap is defended or not.