Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Bank Nifty Futures Trade Preparation for 24th Apr 2017

1 min read

On the Monthly charts – Trend is up and one timeframing for the last 5 trading months. Weekly timeframe is balancing for the last three months . And on the daily charts Bank nifty futures is in short term balancing mode and looks structurally weak due to the nature of consecutive overlapping consolidation phases as shown below. This week price looked above the recent short term balanced and failed. Fridays session is an outside bar and also price touched the bottom of the short term balance witnessed on the EOD chart.

Bank Nifty Futures EOD Charts

On Friday’s trading session Bank Nifty Futures shows moderate outperformance compared to nifty futures as bank nifty futures moderately negative by (-0.1%) however nifty futures ended on a negative note with -0.4% returns

Bank Nifty Futures Market Profile Charts

Key Reference Levels

Fridays Session Bank Nifty Futures started with Open Rejection Reverse with an outside bar on the daily timeframe. However late rally is witnessed during the second half of the session.

1)Weekly Low 21381 (it is same as bottom of EOD short term balance)
2)Friday Rally High – 21564
3)ORR Mechanical Reference – 21600
4)Mechanical Reference – 21406 & 21022
5)Prominent POC on 28th Mar – 21268
6)Signle Print Reference 21311

Bank Nifty Futures Market Profile Compressed Version

Trading Scenarios

1) Price open around 21500 and this could bring one more day of value area overlapping with intial low confidence open. Rally High at 21564 remain the key reference acceptance above the reference could bring more higher activity and acceptance also shows the change in trade sentiment to positive. Failure to accept above rally high could bring more dull market.

2)Price opens above Rally High or a gap up scenario. This is a bullish sentiment ideally this brings high confidence and short covering in the market towards more higher price activity and can test even new highs.

3)Gap Down Scenario. In case of a gap down and acceleration below the short term EOD balance 21350 zone brings more downside activity towards the mechanical reference 21026

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Nifty Look Below Balance and Fail – Targets 15400…

Nifty Futures on the Daily charts trading in a 1000 points range between 14400 - 15400 approximately for more than 2 months. It is...
Rajandran R
21 sec read

Nifty Hedged Futures – Apr 2021 – Short Term…

Nifty Futures had made a sharp drop on Monday Morning (5th Apr 2021) almost touched 14500 levels however post that market had done a...
Rajandran R
1 min read

Options Strategy: Nifty Weekly Bull Put Spread

Nifty Apr Series on the hourly timeframe showed trend exhaustion and the Nifty Futures is trading with 100 pts of premium. Trading sentiment flipped...
Rajandran R
37 sec read

Leave a Reply

Get Notifications, Alerts on Market Updates, Trading Tools, Automation & More