The BNF had a trend day today which came in a P shaped profile commonly seen when there is short covering in the market.
I had expected the big blue orders seen at the close yesterday to give another round of consolidation in the BNF today.
However the algo at 10409 and the one at 10493 above ensured that the market moved up swiftly.
As we know now, the algos mask their orders and the true buy/ sell is often not known. However later in the day there was a seller seen at 10460
In keeping with the profile above we are seeing a rise from near POC of 17/02 and hence the floor for the current series should be in place at 10300.
For tomorrow immediate support will be at 10522 and if broken the market can slide to 10430/ 10440 where buyers are expected to be back to defend.
On upside we see the range capped at 10693 at least till friday.
The NF profile chart also shows a rise from the POC of 18/2
This would also mean that 6080 is the new floor for the series.
The profile has an anomaly at 6112 and is expected to fill up if we move below 6031 at the open tom.
6110 F is the new support for the NF and upside is capped at 6207.
The algo at the open near 6090 controlled the market.
Sellers came at higher levels as expected near 6153.
A day of consolidation should come tomorrow between 6110- 6162