Market Analysis 09-April-2019

 

I can’t see much clarity on #Nifty today for open auction. However, 11675 play a crucial role in the day.

 

On last trading day, #Nifty showed the failure of initiative buying at open and only selling continued throughout the day resulting in a Normal Variation Day on the downside. Some buying came in the last hour and today’s open price level and open auction decides the future movement. 

 

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

 

VAH – 11735

POC – 11715

VAL - 11655

 

#Valuearea shift is Negative, 

#RangeExtension is Negative, 

#Extreme is Neutral, and 

 

Hence, the #marketsentiment is Negative for #Nifty. 

 

I am expecting an open around 11670-11700 and open auction trade doesn’t look good. One can expect a complete sideways day if the price near 10700 and oscillates around it for 15-30 mins. Open auction and IB range give more clarity for a responsive trade later.

 

Image: Bank Nifty Market Profile and Candlestick chart on 8/April/2019

 

I have a neutral view on Bankifty today.  The 30080-30170 range is very crucial for the day.  After looking at the #Marketprofile chart, below are the important parameters for Bank Nifty:

 

VAH – 30405

POC – 30280

VAL - 30040

 

#Valuearea shift is Neutral, 

#RangeExtension is Negative, 

#Extreme is Neutral, and 

 

Hence, the #marketsentiment is Neutral for #BankNifty. 

 

A peak performance trader is totally committed to being the best and doing whatever it takes to be the best. He feels totally responsible for whatever happens and thus can learn from mistakes. These people typically have a working business plan for trading because they treat trading as a business – Van K Tharp

 

Posted On 08/04/2019