The NF and the BNF stayed in a narrow balance today after the big trend day of yesterday
In the process the market had a normal distribution day as it went back from imbalance to balance.
The NF profile showed lots of energy and the 2 day range likely to break higher whereas the BNF continued the up auction of the previous day
The BNF showed a 3-1- 3 profile again to us . ( check 3-1-3 under glossary)
This profile whenever it appears means a large consolidation in the middle and no follow through at extremes.
12490 is the vwap of the consolidation and in keeping with the larger view of the ten day breakout above 12370 the BNF should trade positive above this number for intra and the next 2 days.
There is still a bit of work left to overcome the selling at 12570 but once that is taken out the BNF should run to 12748/ 12788 before the expiry is done. Sl for the move above 12570 will be 12460 for tomorrow.
The Profile above shows a clean break from the POC of the composite of the previous 10 day balance.
That profile should project targets of 12800 and 13250 as long as the close does not come below 12350 on daily closing basis
The NF profile was inside and ready to break out by close.
Being the financial year end close it’s less likely that markets would look to trend lower from here.
We are likely to see the expected target of 6700 hit by friday.
Tomorrow the bias is bullish above 6610 and the NF will target 6640/ 6668 and 6692 in that order.
Can trail at mentioned levels for higher targets or close and add new . Weakness only if 6585 breaks tomorrow.