Rajandran R Creator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. Building GenAI Applications. Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Building Algo Platforms, Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in

Nifty Futures Continues with Too Many Weaker References – Market Profile

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Nifty Futures formed a back to back secured high indicating a potential swing top formation and also on Friday’s trading session broken 2 week low comfortably and closed below that comfortably. Immediate shorter term resistance coming around 10720 levels. In the last article, we talked about Too Many Weaker References dominating Nifty Futures.

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Current week as well too many weaker and mechanical levels persist. Following are the weaker levels with higher odds of revisits.

1)Poor Low + Mechanical reference at 10560

2)Weaker ORR (Open Rejection Reverse) at 10485

3)Weaker Mechanical reference at 10395

4)Weaker Mechanical reference at 10280

5)Weaker Mechanical reference at 10153

and this week alone Nifty Futures had cleared there more additional weaker reference levels indicating that more and more short-term players went long and now in the process of liquidation.

Market Profile sentiment and indicator sentiment is negative for the past three trading sessions. Momentum sellers are dominating the market for the last two trading session. No weakness from the sellers is seen. we are still on the sell on rising mode.

Rajandran R Creator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. Building GenAI Applications. Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Building Algo Platforms, Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in

3 Replies to “Nifty Futures Continues with Too Many Weaker References –…”

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