#NIFTY View on the 10th of May.

Today we saw the index scaling new heights. We saw an above average Bar closing nearing the high. The volume was less than average. This indicates that supply stayed on the sidelines and the demand had easy time taking the index up.  A look at the intraday chart reveals that the index quickly moved up early in the session with increased volume. Later the index was range bound for most part of the session. Then in the later of part of the session the index move past the range and scaled newer heights with increased volume. It is clear that up moves were fueled by increased volume indicating that the quality of demand was indeed good albeit on low volumes. Hence overall, though the volume was low the bias was towards strength rather than weakness. Hence indeed the index has moved to the next orbit and we are likely to see newer heights.