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

Nifty Futures – Market Profile Supports around 17700 Levels

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Nifty Futures had a highly compressed week for the year 2023 with 271 points high to low range. I would say one of the tightly packed markets with rectangular consolidation for the last 5 trading sessions. And the daily sentiment is running positive for the 6th trading day and the bulls are not giving up yet.

The Interesting fact is almost 10 calendar days had passed in February month but still the entire price action is trading between the budget day range 17472 – 18063 levels.

Nifty Daily Charts with Daily Sentimental Indicator

Nifty Futures Market Profile Charts

Last week the participation is largely witnessed from very short-term traders with too many visual nuances however 17700 levels (poor low) proved to be an effective dominant price action around those levels and likely an important support zone for the ongoing slow up-trending price action.

Nifty Futures – Market Profile Charts

For Monday’s trading session, G2 High + Positive Sentiment is ongoing which could possibly bring the odds of price crossing 18000+ levels.

February Short Straddle

The current 71% POP for short straddle stands at 17428.0-18272.0 breakeven range. This brings the odds that any trading price action on the upside for this series could be limited to 18300-18400 range with greater odds.

February Short Straddle with 71% POP
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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