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)

Nifty Prediction – Why Nifty will Hit 22500 in January 2024 – Market Profile Analysis

32 sec read

Nifty Futures last Friday had a strong come back starting with a strong short covering with a firecracker effect resulting in weaker hand short sellers forcefully exiting their short positions(Stop Hunting). A strong Open Drive in Nifty on the last Friday session resulted in a strong PPOC support zone around 21700 levels. Possibly 21700 could be a very strong support zone for this month Jan 2024.

Nifty created a series of supports Spike Base (21650 levels), Strong Support Zone (21700), and Single Print Zone (21790 – 21840) levels.

Nifty daily sentimental indicator turned positive and maintained positive for the last 2 trading sessions which is more important for the earning season to bring more positive returns in the very short term.

Based on the current emotional sentiment and the establishment of a Robust Support Zone in Market Profile Charts, it is predicted that in January 2024, there is an increased likelihood of the Nifty index attaining the level of 22500.

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)

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