Nifty and Bank Nifty Market Profile Summary – 5th Apr 2016

Nifty Daily Profile Chart

1)Nifty Opened below previous day value area. We are attempting towards the previous weak high at 7794 zone. Twice my attempt ended in a failure and lost (net 61 points in Nifty futures). Initially we attempted for a mechanical buying reference at prev day low but later the mechanical buying reference taken out as market came down.

2)Later post the RBI rate cut announcement the developing value area started migrating lower and built completely lower compared to the previous value area.

3)Day type is a clear trend day. and the open type is Open Test Drive (OTD)

4)we have now two weak high reference point on the upper side at 7793 and 7669 level.

5)Too many anomalies observed with tempo is faster and down with elongated profile

6)EOD sentiment turned negative along with value built lower which favors positional shorts.

7)Next major visible reference on downside at 7430 (Poor Low)

8)Carry Fwding 7900CE shorts taken at 42 (300 shares) and 7500PE longs at 62 (300 shares)

Nifty Future EOD Sentiment

Bank Nifty Daily Profile Chart

1)Bank Nifty future opened lower but withing previous day range.

2)Failed Auction high observed (FA High 16263). Failed auction has a tendency to revisit the high within t+5 days. And Weak High formation at 15879.

3)Day type is trend day.

4)Bank Nifty Cleared Single print reference 16050 and 15956 and the prev weak low zone 15764.

5)Too many anomalies observed with tempo is faster and down with elongated profile

6)EOD sentiment turned negative along with value built lower which favors positional shorts.

7)Next major visible reference on downside at 15187 (Mechanical Buying Reference)

Bank Nifty Future EOD Sentiment