Are One-Minute NIFTY Candles Mostly Noise? A Variance Ratio Test

A common claim says one-minute candles on Indian indices are dominated by noise from fast traders, so their moves tend to reverse. In 66 complete sessions of NIFTY 50 spot data, one-minute moves did not reverse: their variance grows with the horizon about as a random walk's would. AION Analytics research note, series: Tested Market Claims. Canonical version: https://aionanalytics.in/research/notes/one-minute-candles-test Supplementary files: the analysis script, the summary tables and the classified dates, so the test can be rerun on any copy of the NIFTY 50 index data. See README.txt.