The market opened Monday at 24,572.70 and closed Friday at 24,570.65. Two points apart, after five sessions.

It was not a quiet week. Monday it ran to 24,774.30 and closed exactly there — the high was made at a closing bell, not on a wick. Tuesday it fell to 24,427.95. Three hundred and forty-six points lie between those two prices, travelled in full, and handed back.

The daily ranges: 259 points Monday, 276 Tuesday, 180 Wednesday, then 73 on Thursday, the narrowest day of the year, and 108 today. The week did not end level because nothing happened. It ended level because both sides finished square.

24,774.30 has not been closed above in any session since 15 June. Monday's close is the highest print in that stretch, and nothing since has been near it.

24,244 has now been closed above for eight sessions running. The last close below it was 28 July. That is the longest stretch above it since March.

But the record of that level is worth reading carefully. Since 2 March the market has come down to 24,244 five times. It closed back above on three of them and lost it on two. Approached from below — which is what has been happening lately — it has been crossed fourteen times and held into the close only four.

Twenty-four thousand two hundred and forty-four has been a doorway, not a wall.

Next week is expiry week.

THE CHAIN
No overnight event moved this week. Monday's gain came at the Indian open and was sold into for four days — the buying was local, and so was the selling.

TOPICS: Open vs Close · Levels & Boxes