Let's revisit the chart posted here- https://www.vtrender.com/sites/default/files/MP_BN_2.png on Monday evening prior to the RBI.
Here is the updated one :
The chart above shows a clear move through the balance area of 8-22 OCT done yesterday visible in the form of single prints in the profile of yesterday.
This is a clear indication of short term rejection of that value area.
Meanwhile the profile developed yesterday in the lower part where we can see a bulge or a standard distribution.
This implies again that short term the market quickly found value at the lower levels and was accepted by the market as fair price post RBI.
This zone was roughly 11280 to 11170 yesterday.
Come to today's developing profile on the extreme right which shows the market staying below the mode or POC price highlighted in purple.
This shows that within that temporary balance established yesterday, the seller still retains the edge.
Currently at 11.00 am there has been no new selling below yesterday's lows and the market is still within the safety of yesterday''s late distribution.
The imbalance has ended and the balancing is already under way. Next wait for a break of the short term balance.