Day reads · Fri, 23 Oct, 2026 · NIFTY futures
‹ 2026-10-22 · 2026-10-26 ›Open test up rejected at 22851; value moved 120 points lower and the multi-day balance broke down
NIFTY opened above the prior day's value, tested higher to 22851 and was rejected hard, leaving a long selling tail. Sellers then extended the range down to 22435 and built value well below yesterday's. A sharp afternoon short-covering rally faded, and the session closed mid-range, just below VWAP.
Day type
normal variation
Open
open test drive
In control
sellers
Range
416.2pt · closed mid-range
Session map ⓘEach bar is a 30-minute TPO period (A = 09:15), coloured by Dalton activity against yesterday's value. Shaded: today's value area and nearby prior supply / demand. Hover a bar for its numbers.
Initiative buyingAn up period above yesterday's value — buyers taking new groundResponsive buyingAn up period below yesterday's value — buyers responding to low pricesInitiative sellingA down period below yesterday's value — sellers taking new groundResponsive sellingA down period above yesterday's value — sellers responding to high pricesRotationNo clear direction, or inside yesterday's valueToday's value area▲▼ Large prints (5)Large prints: 500+ lots in one ~2s poll. ▲ buyer-initiated, ▼ seller-initiated (inferred). Hover one for whether the book followed and the OI read. Information only — not shown to predict price.
How the day unfolded
- Open test up, rejected · A · 09:15–09:45The open was above prior value and probed up to 22851. It traded through earlier single prints but stopped just under the next prior supply zone. Sellers answered at once, and the 19-row selling tail marks the high as excess: the up-auction was over.
- Drive down through prior value · B · 09:45–10:15B fell 202 points to 22552.5, straight through yesterday's value and its buying tail. The single prints this left at 22685–22720 show how one-sided the move was. That made the initial balance 299 points wide.
- Slow extension lower · C–H · 10:15–13:15Sellers pushed below the IB low in C, D and H, reaching 22435. Most periods were rotation, with progress grinding rather than fast. Heavy sell prints near 22508 late in E were absorbed, and price only edged lower afterward.
- Short-covering spike · I · 13:15–13:45Buyers rejected the 22435 low, leaving a small buying tail. I rallied 223 points to 22673. It stalled just under the morning single prints and did not repair them.
- Sellers return, close mid-range · J–M · 13:45–15:30J and K sold off again as initiative selling, back to 22505.6. L and M bounced responsively into a 22577 close, still below the session VWAP.
Why it happened
Above-value open met excess
Price opened above yesterday's value but found no buyers willing to stay there. The long selling tail shows the other timeframe sold aggressively at the high. The high stopped right under unrepaired prior supply.
Open 22794 vs prior VAH 22755; high 22851.2; selling tail 22760–22855 (19 rows); high 13.8 pts under 22865–22935 prior singles
Value accepted lower on heavy volume
The market built its value well below yesterday's, and the bulk of trade sat in the lower part of the range. Above-normal volume means the lower prices were accepted, not just visited.
VA 22470–22635 vs prior 22640–22755 (LOWER); POC 22550, -120 pts; b shape; volume 1.47x median
Sellers owned range extension
Every move beyond the initial balance was to the downside. Initiative selling appeared below prior value, while buyers only acted responsively.
Extension down 117.5 pts, up 0; initiative selling 3 periods vs buying 0; close 22577 below VWAP 22587.7
Multi-day balance broke down
The day started at the bottom edge of the two-session balance and closed outside it below, confirming acceptance lower. That fits the larger swing, which is already down.
L2 22600–22810 accepted DOWN on 2026-10-23; swing DOWN, below swing VWAP 22754.2 (slope -77.9/session)
Buyers were responsive only
Buyers stopped the decline at 22435, but their rally could not reach the morning single prints. Sellers took control again in J and K, so the buying was covering, not new initiative.
Buying tail 22435–22450 (3 rows); I high 22673.3 under singles 22685–22720; J/K initiative selling to 22505.6
What this day teaches
Excess ends an auction
The 19-row selling tail at 22851 marked the high as finished, and price never returned to it.
Responsive buying does not change control
The 223-point I-period rally came from below-value responsive buyers, and it gave back most of its gain once initiative sellers returned.
Value migration tells you where the market accepts price
The POC moved 120 points lower on 1.47x volume, which shows acceptance below yesterday's value rather than a quick probe.
All facts
| Session | O 22794 · H 22851.2 · L 22435 · C 22577 · VWAP 22587.7 |
| IB | 22552.5–22851.2 (298.7pt) |
| Extension | ↑0 · ↓117.5 from C |
| Open | open test drive · above value |
| Activity | IB 0 · RB 2 · IS 3 · RS 1 · rotation 6 |
| Volume | 1.47× the 10-session median |
| Value | 22470–22635 · POC 22550 · b-shape |
| Extremes | high excess (95pt tail) · low excess (15pt tail) |
| Single prints | 22685–22720 |
| Value vs prior | lower · POC −120pt |
| Morning VWAP | 22726.5 · down attempt held it in the IB |
| Failed move | none |
| Swing VWAP | 22754.2 from the high 23180 (2026-10-19) · down · price below |
| Longer timeframe | up (+387pt) |
| L2 | 22600–22810 · accepted down |
| L3 | 23418–23646 · accepted down |
| Large prints | 09:16 BUY 522 @ 22851.2 · absorbed · OI mixed · OI +29 → −439 lots |
| 09:39 BUY 529 @ 22744.3 · absorbed · OI mixed · OI −10 → −796 lots | |
| 09:45 SELL 635 @ 22750.5 · book followed · OI mixed · OI +14 → −815 lots | |
| 11:44 SELL 1,052 @ 22508 · absorbed · OI mixed · OI +352 → +849 lots | |
| 11:46 SELL? 1,004 @ 22524.8 · absorbed · OI mixed · OI +478 → +503 lots | |
| Prior zones | 22800–22825 single prints (10-21) · supply · traded through |
| 22865–22935 single prints (10-21) · supply · untouched (closest 13.8pt) | |
| 22555–22595 buying tail (10-22) · demand · traded through | |
| 23115–23140 selling tail (10-21) · supply · untouched (closest 263.8pt) | |
| 23155–23185 selling tail (10-19) · supply · untouched (closest 303.8pt) |
| Reference | Price | From close |
|---|
Limits: One-timeframing was not reported (null), so periods could not be read for one-sided trend. · Large-print sides are inferred and their OI reads were mixed, so they add no clear positioning information.
Built 23/10/2026, 15:40:42 · claude-opus-5-5
Educational only. Facts are computed by fixed rules from the session's futures data and written up by an AI model, published without review. They describe what the market did; they name no trades, levels to act on or expectations for the next session. Not investment advice — see the disclosures below.