Yesterday the Nifty travelled 73 points all day — the smallest of the year. Today it has already travelled 101, and it is not eleven o'clock.

It opened at 24,538 against yesterday's close of 24,636 — a gap down of 97 points. Buyers took it back to 24,630 and stopped six points short of filling it. It sits at 24,575 now.

Two numbers are worth knowing this week, and both have a history.

24,777. The market has not closed above that since 2 March — one hundred and four sessions ago. On Monday it reached 24,774.30 and went no further. Two and a half points short, after five months of not getting there at all.

24,444. The other end. The market last closed below it on 30 July, four sessions ago. On Tuesday it dropped to 24,427.95 during the day, then closed back above at 24,614.90. So it has been under that number this week — but not at the close.

One is a ceiling five months old. The other is a floor four days old.

And today is Friday. Monday's number and Wednesday's number disappear inside the week. A Friday close is the week's close, and it stays on the chart.

THE CHAIN: Nothing overnight explains a 97-point gap down. The selling came at the Indian open.

TOPICS: Levels & Boxes · Open vs Close