Nifty Futures on Monday Trading session opened with a gap up. Post that price entered the previous day range and formed a open test drive day. Buyers confidence maintained throughout the day. Day turns out to be a normal various day as the price elongation happens in the second half of trading session. Point of control not migrated however price migrated for the day indicating more players are now chasing the price more we are dealing with momentum traders.
10200PE and 10300PE writeres increased their open interest showing signs of 10200 and 10300 as short term support for the next two weeks. On the daily charts short term trend continues to be trending higher with price now back into the larger balance which also makes me to think about is it some sort of look above the balance and fail (where price spends below the balance for 3-4 days below the balance and now price is back into the short term balance). IF yes then the target destination comes around the other side of the balance 10632 again. (This is one scenario if it come, it could come faster)
Nifty Daily Charts
Failed Auction at 10300 levels, Fridays Prominent POC at 10269 and Partially filled gap at 10441 got cleared on Mondays trading session.
Nifty Futures Market Profile Charts
Market Profile Key Reference Levels
1)Spike Base at 10355
2)Prominent POC at 10481, 10568, 10700
3)Previous Week Low at 10155 and Prev Week High at 10437
4)Mechanical stops Upper Side 10617 and 10638
5)Weekly Gap at 10724(upper side).
6)Double Distribution Balance 10466
7)Poor High at 10442
8)Weaker Low at 10155
9)Short term distribution balance 10387
As long as price holds above short term reference 10387 profile sentiment remains positive. Also indicator sentiment is holding positive for last two trading session. As long as price holds above 10386 the next key reference level to monitor are Prominent POC at 10487, Prominent POC at 10568 and Mechanical stops zones 10616-10638. Profile sentiment turns negative if price likely to close below 10387 on closing basis.