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 Futures – Market Profile Analysis – 9th Mar 2018

46 sec read

Trading requires process complex information into simple ideas. Thursdays trading started with price opening within the range initial high confidence was higher however it got fades sooner and starts getting into balancing mode. Interestingly markets took support exactly at the tuesdays low (prev day low) and started one timeframing during mid of the day.

The day was more dominated by shorter term buyers and intraday sellers followed by stop hunting against the intraday sellers. Bank Nifty showed more confidence in the second half than the Nifty Futures.

Though Nifty Futures low is not secured we could see a phase of temporary short covering rally in the markets. Volatility India (India VIX) down by -7% and global markets sentiment changed to positive which could further ease the downside pressure in Indian Markets temporarily.

Market Profile – Key Reference Levels

1)Spike Base at 10355

2)Prominent POC at 10481, 10568, 10700

3)Previous Week Low at 10449 and 2 Week Low at 10315

4)Mechanical stops Upper Side 10617 and 10638

5)Weekly Gap at 10724(upper side).

6)Double Distribution Balance 10466

7)Weekly Gap (Partially Filled) 10440

Value is overlapping on Thursday. Profile Trading sentiment changed to positive post the stop hunting activity and acceptance above prev day rally high.

What to Watch on Friday
Opening Confidence has to measured with value starts building higher. Higher side expectation is towards spike reference 10355 and the Weekly Gap (Partially Filled) 10440.

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.

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