Market Analysis 02-May-2019

Image: Nifty candlestick and market profile chart on 30/Apr/2019

 

NIFTY ANALYSIS:

 

I have sideways to bullish view on #Nifty today. However, 11772 play a crucial role for the day.

 

On last trading day, #Nifty showed a Normal Day structure and IB Low acted as strong support for the day. It is in balanced market condition within the range 11720-11830. We can expect sideways move until it breaks this range. We can expect a slight upside move if it opens above 11772 and trades above this level at the open auction. Again price auction 11830 becomes very crucial.

 

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

 

VAH – 11775

POC – 11755

VAL - 11725

 

#Valuearea shift is Neutral, 

#RangeExtension is Neutral, 

#Extreme is Negative, and 

Volume is supportive for buying.

 

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

 

I am expecting a open around 11760-11790 and only risky traders can plan a long trade only in case of open-low above 11772 keeping an SL below 11770. However, price auction 11800 is crucial to carry this trade. I will turn super bullish if price shows decisive break of 11840.

 

Image: Banknifty candlestick and market profile chart on 30/Apr/2019

 

BANKNIFTY ANALYSIS:

#Banknifty opened with a open-high formation on last trading day and a strong buying is clearly visible at 29750 levels. So, we can expect sideways to upmove until it trades above this level. 29800 price level is very crucial for the day. For any long trade, 30052 is crucial target point and it has to break this level to move further on the upside. After looking at the #Marketprofile chart, below are the important parameters for Bank Nifty:

 

VAH – 29910

POC – 29850

VAL - 29770

 

#Valuearea shift is Neutral, 

#RangeExtension is Negative, 

#Extreme is Neutral, and 

Volume is supportive for buying.

 

Hence, the #marketsentiment is Neutral for #BankNifty. 

Be careful what you learn could be twice as hard to unlearn  - Unknown

Posted On 01/05/2019