WE had a double distribution day and a 2I day yesterday with a statistical probability of the high being created in the first hour.
That probability was around 65-70 % based on our understanding of the market profile, but was enough for the Nifty to remain weak after the first few minutes of trading.
Once again the market surprised us by a quick 30 point fall below 6092 levels, only to close right there at the close.
The broader picture still puts this in a bracket of 6040-6250 and the close of today put the market in a neutral zone.
It will be interesting to see which way it tilts from here at Monday’s open.
It’s been a pleasure trading the Bank Nifty and it’s adherence to the levels in pre-market plans makes it a joy to trade.
This index fell slightly short of a close above 12440 levels we watched, but unlike the Nifty, value was created higher today.