Nifty Daily Charts
Bank Nifty Futures consecutively making lower lows for the last 5 trading session on the daily charts. Price breaks the previous week low and in the last 1 hour of the trading session manage to close above friday low (Previous Week Low as well). Trading Sentiment continues to be negative as long as price holds below 25242 levels. Mondays price attempt closed the 1st Nov Gap.
Market Profile Sentiment
Bank Nifty on Monday Trading Session opens within the fridays spike reference (between spike base and spike bottom). Mondays trading session is completely dominated by day timeframe traders and emotional shorter timeframe traders. Panic Selling is observed in the last trading session. Short term Inventory is getting short to too short.
Key Trading References
1)Settlement close at 25185.85
2)Rally High References at 25242.05
3)Spike Base References at 25350 & 25527
4)Gap top at 25788
5)Poor Structure on 29th Nov 2017
6)Poor High at 25976
7)Prominent POC at 26030
In the very short term price acceptance above 25240 brings positive continuation in the trend else a price acceptance and further price staying below prev week low 24210 will bring some more weakness.
