The Markets opened as an OAOR, were soft for most of the day but rallied strongly in the last 2 hours to finish at day highs.
Within the profile today we saw balancing in the early part and trend assertion in the second part of the day to complete the two auctions visible today.
The second part of the day shows a trend like nature from 12592 to 12834.
Accordingly 12758 will be the first support for the trend to continue higher .
The profile is well within the RBI day auction and went through the upper area of the distribution as discussed in last night’s post.
By doing this the BNF has opened itself to go back to 12950, provided it holds 12750 support tomorrow.
The bias is now again longs on intra TF above 12750 for 12880/ 12940 and a possible 13046/13150 into friday.
The NF auction was 2 way in the first part but trended into the close.
The auction should hold 6784 at the open and 6770/6765 for the remaining 2 days of the week to continue the drift up to 6823 and even 6881 by friday.
There is weakness on the chart only if our oft mentioned level of 6748 breaks again.