Rajandran R Creator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. 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

Bank Nifty – Market Profile Dec 2023 Futures Short Term Outlook

31 sec read

After the formation of the P-shape profile on last Wednesday’s session with a strong short covering and fresh money buying the P-shape balance offers buffer support around 47914 and last two trading sessions price managed to build a point of control above the P-shape profile.

Monday’s price action rotates around the center and the price was chopped through the day’s open multiple times resulting in no confidence in the price action. Neither buyers nor sellers showed interest in the trading session totally price managed to rotate with lower volumes and managed to build a prominent point of control with an inside day. An Inside day formation is another form of no-confidence day usually indicates indecision from the buyers and sellers.

For any change in short-term sentiment from positive to negative the P shape profile requires acceptance. Needless to say, the short-term trading inventory has gone long to too long

Rajandran R Creator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. 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

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