Market Analysis 12-June-2019

Image: Nifty marketprofile and candlestick chart on 11/June/2019

 

NIFTY ANALYSIS:

 

I am bullish on #Nifty until it trades above 11970.

 

Yesterday, #Nifty showed open-high formation at open only to bounce back from the key support level 11920. Later it broke the open-high level also traded above 12000 for some time and closed below 12000. So, price level 11970 is very crucial for today. 

 

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

 

VAH – 12000

POC – 11970

VAL - 11950

 

#Valuearea shift is positive, 

#RangeExtension is positive, 

#Extreme is positivel, and 

Volume is not showing much information about buying or selling.

 

Hence, the #marketsentiment is Positive for #Nifty. 

 

I am expecting an open around 11950-11980 and this indicates a balanced open. Traders can plan a long trade only if price opens and sustains above 11970. This trade is little risky (due to balance open nature) and price auction becomes very crucial.

Image: BankNifty marketprofile and candlestick chart on 11/June/2019

 

BANKNIFTY ANALYSIS:

 

#Banknifty also showed similar characteristics of #Nifty. 31000, 31245 and 31380 are the important price levels today.

 

VAH – 31280

POC – 31180

VAL - 31080

 

#Valuearea shift is positive, 

#RangeExtension is positive, 

#Extreme is positive, and 

Volume is not showing much information about buying or selling.

 

 

Hence, the #marketsentiment is positive for #BankNifty. 

 

 

Posted On 11/06/2019