Market Analysis 06-May-2019

Image: Nifty MP and Candlestick chart on 3/May/2019

 

NIFTY ANALYSIS:

 

I have sideways to bearish view on #Nifty today. However, 11720 play a crucial role for the day.

 

From last four trading days, #Nifty is moving between the range 11720-11830 which indicates that the market is waiting for some information. Expect a sideways move until #nifty opens and trades within this range. We can expect a big move only if it breaks this range on any direction. Personally I am biased towards downward move and a break of 11720 brings more selling.

 

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

 

VAH – 11810

POC – 11790

VAL - 11770

 

#Valuearea shift is Neutral, 

#RangeExtension is Positive, 

#Extreme is Neutral, and 

Volume is slightly inclined towards selling.

 

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

 

I am expecting an open around 11660-11700 and traders can opt for a short trade in case of open high or if the price takes resistance at PDL keeping an SL above the high at the open. 

Image: Bank Nifty MP and Candlestick chart on 3/May/2019
 
BANKNIFTY ANALYSIS:
 
On last trading day #Banknifty displayed a strong buying at opening. However, it failed to trade higher levels and closed below the crucial figure 30000. 30055 is a crucial level for the day and one can expect a upmove only if it opens and sustains above 30055. Otherwise, we can expect sideways to bearish move for the rest of the day. 
 
VAH – 30150
POC – 30055
VAL - 29990
 
#Valuearea shift is Positive, 
#RangeExtension is Positive, 
#Extreme is Neutral, and 
Volume is supportive for selling.
 
Hence, the #marketsentiment is slightly positive for #BankNifty. 
 
We are no greater than what we know - Unknown

Posted On 05/05/2019