BankNifty Inside day Profile study

 

We had an inside day in the bankNifty yesterday.

 

As per RM's detailed studies on the subject, an inside day in the BNF can quickly give 100 points in the next session on a break of range and value.

 

Let's look at the 2 day chart:

 

2 Day Vwap Banknifty Inside Day Profile Study

 

This is a 10 min chart of the past two days in the Jan future.

 

It shows vwap and DPOC together at 12575 approximately.

 

The implication is that there is no current bias at that level ( +/- 30 points)

 

Also we can see that value is smaller between 12611- 12560

 

The range of the 2 sessions on the left are 12641 and 12410, with majority of the auction above the vwap line which means that buyers have dominated.

 

Altos the second session was in the upper half of the 2 sessions.

 

So we should be looking for buyers to reestablish them selves at higher levels. The targets could be the upper ref line at 12713 in this case above 12640 which is about 80 points.