Bank Nifty Market Profile Charts
Mondays trading session Bank nifty opened with global optimism and the day is seen driven mostly by intraday and short term buyers in the counter. Serious long term money is missing in the counter and lack of enthusiasm prevailed post the gap up in Bank Nifty Futures and also underperformed the broader index Nifty 50 thereby formation of a dull boring rotational trading rest of the day.
Fridays session is a P shape profile which indicates short covering of some of the market participants since the morning. Trading Confidence is largely missing in Bank Nifty since the market open (Though there is a gap up in Bank Nifty).
Profile structure is showing a short term weakness. sort of back to back promient POC in Bank Nifty. Longs has to be cautious in Bank Nifty. This could possibly test the P shape balance for a test towards any possible acceptance below 25300 if no sellers price resumes its uptrend again.
Key Reference Levels
1)Spike Reference – 25507
2)Prominent POC – 25420
3)Previous Week High – 25387
4)P Shape Balance – 25300
Bank Nifty Daily Trading Sentiment
Trading Sentiment is positive and one timeframing higher in the last three trading session on the daily timeframe.
Any price rejection at 25507 or failure to accept above the spike reference brings more very short term weakness for a possible test towards 25300 levels.
However price acceptance and staying above 25507 could bring some more positivism towards the short term uptrend.