Rajandran R Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and 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. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)

Nifty Trade Preparation for 3rd May 2017

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Nifty Monthly Charts

Nifty Futures on the monthly charts one timeframing for the last 5 trading months with all time high at 9366. Intermediate trend is up as well with less rotation seen so far on the weekly timeframe. On the Daily Charts markets are moving in a layered consolidation with indicates a weak market structure and the volatility for the Indian Market stood at 11.44 as on 2nd May. Increasing volatility is the only key for better trading opportunities in the upcoming trading sessions.

Nifty Weekly Charts

We are in the 19th week that since the start of the year 2017 Nifty Futures haven’t lost not even 1% on weekly closing basis. And its been 114 days i.e since 15th Nov 2016 Nifty haven’t lost 2% on EOD basis. And when comes to unfaded gaps. Nifty futures has 7 unfaded gaps since the start of Jan 2017.

Nifty Daily Charts

In the last 4 trading sessions Nifty May Futures is consolidating between 9300 and 9380 zone and most of the trading activity happens in this zone. Value was overlapping on Monday trading session with outside bar formation. Price dipped below 3 day low followed by a afternoon rally. Rally high stood at 9345. Tempo was high compared to the previous trading sessions. From the sentimental perspective nothing much changed

Nifty Futures Market Profile

Key Reference Levels

1)All time High/ Prev Weekly High at 9380
2)Double Mechanical Reference at 9378.
3)Rally High at 9345.
3)Gap Top at 9267
4)Gap Bottom at 9260.

Trading Scenarios

1)Price opens within the range and gets acceptance above 9345(Rally High) – This could bring higher activity in price towards all time high.

2)Price opens within the range and gets acceptance below 9345(Rally High) – This could bring one more range bound trading day with value overlapping to lower.

3)Gap up above 4 day high and fail – This could target nifty towards the recent unfaded gap 9260.

Rajandran R Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and 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. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)

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