Market Analysis 10-April-2019

Image: Nifty Market Profile and Candlestick chart on 9/April/2019

 

I have sideways view on #Nifty today. However, 11655 play a crucial role in the day.

 

On last trading day, #Nifty showed open-high with a big selling candle at the open. Finally, buyers pitched in at 11640 levels twice and they were able to close the price above open-high level. However, their strength is still not sufficient enough to drive the price on the upside. 11655 level is very crucial and can act as a support in case of a sideways move and the break of this level can bring more selling.  

 

After looking at the #Marketprofile chart, below are the important parameters for Nifty:

 

VAH – 11705

POC – 11665

VAL - 11645

 

#Valuearea shift is Negative, 

#RangeExtension is Positive, 

#Extreme is Positive, and 

 

Hence, the #marketsentiment is slightly positive for #Nifty. 

 

I am expecting an open around 11700-11720 and open auction trade doesn’t look good. Open auction and IB range give more clarity for a responsive trade later.

Image: Bank Nifty Market Profile and Candlestick chart on 9/April/2019
 
I have a bullish view on Bankifty today.  30137 range is very crucial for the day. Traders can plan a long trade in case of open-low or OTD-UP open near PDH. After looking at the #Marketprofile chart, below are the important parameters for Bank Nifty:
 
VAH – 30120
POC – 29980
VAL - 29900
 
#Valuearea shift is Negative, 
#RangeExtension is Positive, 
#Extreme is Neutral, and 
 
Hence, the #marketsentiment is Neutral for #BankNifty. 
 
It is impossible to produce superior performance unless you do something different from the majority  – John Templeton
 

Posted On 09/04/2019