Market Analysis 11-June-2019

Image: Nifty market profile and candlestick chart of 10/June/2019

 

NIFTY ANALYSIS:

 

I don’t have much clarity on #Nifty today. However, 11860, 11920 and 11990 are the important reference levels for today’s price action.

 

Yesterday, #Nifty opened with a gap and indicated it is ready to move on the upside. However, it failed to break the important reference level 11990 at open auction and selling continued for most of the day. Some buying came in the last hour. Hence, it is interesting to see how price behaves at open auction and IB range today.

 

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

 

VAH – 11950

POC – 11920

VAL - 11890

 

#Valuearea shift is positive, 

#RangeExtension is negative, 

#Extreme is Neutral, and 

Volume is not showing much information about buying or selling.

 

Hence, the #marketsentiment is Neutral for #Nifty. 

 

I am expecting an open around 11900-11930 and this indicates a balanced open. Traders can wait for open action and IB range formation to get more clarity. 

Image: BankNifty market profile and candlestick chart of 10/June/2019

 

BANKNIFTY ANALYSIS:

 

#Banknifty also opened with a gap, but failed to sustain it. It witnessed continuous selling throughout the day. 30900, 31108 are the important price references for today’s price action.

 

VAH – 31100

POC – 31008

VAL - 30890

 

#Valuearea shift is neutral, 

#RangeExtension is negative, 

#Extreme is Negative, and 

Volume is not showing much information about buying or selling.

 

Hence, the #marketsentiment is slightly negative for #BankNifty. 

 
A stop loss is a great hedge against a big loss – Steve Burns

Posted On 10/06/2019