Market Analysis 08-April-2019

Image: Nifty Market Profile and Candlestick chart on 5/April/2019

 

I can’t see much clarity on #Nifty today for open auction. However, 11730 and 11775 plays a crucial role in the day.

 

On the last trading day, #Nifty showed a breakout in the last 30 minutes. However, the closing price auction is not convincing for the bulls as it also indicates a short covering at the end of the week. So, price auction between 11760-11782 is crucial for bulls (if it opens at this level).

 

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

 

#Valuearea shift is Neutral, 

#RangeExtension is Positive, 

#Extreme is Neutral (‘M’ print cannot be considered for extremes), and 

 

Hence, the #marketsentiment is Neutral for #Nifty. 

I am expecting an open around 11750-11780 and one can plan a long trade only if it shows a clear break of 11782, else there is a high probability of sideways move between 11700-11780. Open auction and IB range give more clarity for a responsive trade later.
Image: Bank Nifty Market Profile and Candlestick chart on 5/April/2019
 
30150 is a crucial level for Banknifty today. After looking at the #Marketprofile chart, below are the important parameters for Bank Nifty:
 
#Valuearea shift is Negative, 
#RangeExtension is Negative, 
#Extreme is Neutral (‘M’ print cannot be considered for extremes), and 
 
 
Hence, the #marketsentiment is Negative for #BankNifty. 
 
Risk comes from not knowing what you’re doing  – Warren Buffett

Posted On 07/04/2019